Economic activity in the Organization for Economic Cooperation and Development Area (OECD) decreased in the fourth quarter, marking the first contraction since the first quarter of 2009, latest data showed Tuesday.

Gross domestic product declined a seasonally adjusted 0.2 percent sequentially in the fourth quarter, reversing the third quarter's 0.3 percent increase. The last time the economy recorded negative growth was in the first quarter of 2009, when GDP dropped by 2.3 percent.

The euro area economy contracted at a faster rate of 0.6 percent than 0.1 percent in the three months ended September. The German economy shrank by 0.6 percent at the end of 2012, reversing the 0.2 percent gain seen in the preceding quarter, while the French economy contracted 0.3 percent after growing 0.1 percent in the third quarter.

Japan's GDP dropped at a slower rate of 0.1 percent in the fourth quarter than 1 percent in the previous quarter, while Italy's contraction quickened to 0.9 percent from 0.2 percent.

The UK economy shrank by 0.3 percent after growing 0.9 percent, while the economy of the United States stagnated in the fourth quarter.

On an annual basis, the OECD economy expanded 0.7 percent during the three-month period, after growing 1.2 percent in the third quarter.

RTTNews