The Organisation for Economic Cooperation and Development said its latest index of leading indicators "suggested some moderation in economic expansion lies ahead in the OECD area."

The OECD area groups 29 countries, including the Group of Seven, Britain, Canada, France, Germany, Italy, Japan and the United States.

The OECD's composite index leading indicators rose 0.2 point in March to 109.7 from February but the organisation added that its six-month rate of change "shows a downward trend since March 2006."

While the six-month indicator in the United States, Britain and Italy has improved, "a downward trend is still apparent" in most of the other Group of Seven countries, the OECD said.

The latest data from major non-OECD countries points to continued expansion in China, India and Brazil and a slowdown in Russia.

The OECD indicatore rose 0.6 point in the United States, with the six-month rate showing a gain for the first time since October 2006.

In the OECD's 12-nation "euro area," which does not include Britain, the composite indicator increased 0.1 point in March but showed a decline over six months.

In Britain the indicator rose by 0.7 point in March and registered a six-month increase for the second month in a row.

Japan showed a decline of 0.8 point in March, with its six-month rate of change "trending downwards."

In China the indicator jumped 7.4 points in March while its six-month rate "increased sharply for the sixth consecutive month."

India recorded a 1.0 point rise in February, with the six-month trend weaker since December 2006.