The BRIC growth honeymoon is over: OECD

Construction workers watch as the final steel beam is put in place for the topping out of the Shanghai Tower.
Peter Parks | AFP | Getty Images
Construction workers watch as the final steel beam is put in place for the topping out of the Shanghai Tower.

Brazil, Russia, India and China (BRIC) are showing worrying signs of a decline in economic growth, while the U.S., U.K., Japan and even the euro area are in far better shape, according to a report by the Organisation for Economic Co-operation and Development (OECD).

Using composite leading indicators (CLIs), which anticipate turning points in economic activity, the OECD concluded that there is a continuing divergence in growth patterns across major economies.

(Read more: Take heart: upward revisions to US growth on the way)

The OECD states, "The CLIs for the United States, Japan and the United Kingdom point to economic growth firming," while, "in the euro area as a whole, the CLI continues to indicate a gain in growth momentum." Italy is currently showing a positive change in its growth momentum, while France's economic picture is stabilizing.

However, Brazil, Russia and China are showing slowing economic momentum, while India, whose CLIs point to a vastly fluctuating economy, is showing signs of a tentative positive change in momentum, although its CLI figure is still down year-on-year.

(Read more: Is Asia poised for a sharp slowdown?)

The OECD's findings on Western economies are certainly in line with recent data and general investor sentiment. The U.S.'s June trade balance figures showed the deficit narrowed to $34.2 billion from expectations of about $43 billion — the smallest since October 2009.

In the U.K, car sales are up 12.7 percent and house prices are rising at the fastest in nearly 3 years. Retail sales have also been stronger than expected.

However, Chinese data released on Thursday contradicts the OECD's view somewhat. The country posted stronger-than-expected trade figures, the latest in a string of upbeat data. Contrary to the OECD's findings, Dariusz Kowalczyk, senior economist and strategist of Asia ex-Japan at Credit Agricole told CNBC: "All this confirms our view that the economy has bottomed out and will re-accelerate in the second half. We'd like to call the end to worries over China for this year."