The Organisation for Economic Co operation and Development's leading indicator for March 2011 showed that the growth outlook in major industrialized nations is diverging with activity improving in North America, China and Russia and moderating in most European countries.

OECD said that its composite leading indicator for member countries rose to 103.2 points in March 2011 from 103.0 in February 2011, well above a long term average of 100.

The indicator showed regained momentum in economic activity in China and Canada while the United States, Germany and Russia were also in the midst of above trend expansion.

The indicator for countries belonging to the Group of Seven wealthy countries, excluding Japan, rose to 103.6 in March from 103.4 in February. For the euro zone, the indicator eased to 103.1 from 103.2.

The OECD said that the pace of expansion will be stable, albeit slow in France and Britain while Italy, Brazil and India were headed towards slowdowns in economic activity relative to trend.

No estimates were provided for Japan because of the exceptional circumstances facing the country after the country was hit by a devastating earthquake and tsunami in March 2011.

(Sourced from www.ruters.com)