More recent information confirms the impression which we formed in August about the course of output in the OECD area in the first half of the year. In the exceptionally severe weather experienced in parts of North America and Western Europe in the first quarter GDP was barely higher than it had been in the final quarter of 1984, and the second brought only a modest rebound. In the first half-year output increased at an annual rate of little more than 2 per cent, compared with about 3½ per cent for the previous six months. Slower growth in the US and stagnation of output in France and Germany were largely responsible.