OECD sees improved outlook

PARIS - The outlook for recovery in most of the world's major economies improved in December but the indicator for China dipped slightly, according to an OECD survey released on Friday.

The Organisation for Economic Cooperation and Development's Composite Leading Indicator for 29 developed countries rose to 103.1 in December from 102.2 the previous month and 10.1 points higher than a year ago.

OECD composite leading indicators (CLIs) for December 2009 provide stronger signals of an expansionary economic outlook than last month, the report said.

CLIs for the G7 economies as well as China, India, Russia and Brazil, are now all close to, or above their long term trends. In all these countries, industrial production ... has now reached its trough.

The CLI for the Group of Seven -- Japan, the United States, Canada, Italy, France, Germany and Britain -- rose to 103.1 from 102.1 in November. That was 10.4 points higher than a year earlier.

The improvement was slightly less marked in four large emerging market countries. They are not members of the OECD and are not covered by the overall OECD indicator.

The CLI for Russia rose to 101.0 from 100.8 in November, for Brazil it rose to 99.1 from 99.0 while the outlook for China eased to 103.1 in December from 103.2.

(Reporting by Anna Willard; Editing by Crispian Balmer)