G20 GDP growth picks up to 0.9% in second quarter of 2013
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12/09/2013 - Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.9% in the second quarter of 2013 compared with 0.6% in the previous quarter, according to preliminary estimates. GDP growth accelerated in most of the world’s largest economies but slowed marginally in Canada and Japan and significantly in Mexico.
Among OECD G20 economies, Turkey recorded the strongest growth at 2.1%, compared with 1.5% in the previous quarter followed by Korea with a GDP growth of 1.1%, compared with 0.8% in the previous quarter. In the United Kingdom and the United States, GDP growth accelerated to 0.7% and 0.6% respectively, compared with 0.3% in the previous quarter. In Germany, GDP increased by 0.7%, compared with the zero growth rate registered in the previous quarter. In France, GDP grew by 0.5%, rebounding from a contraction of 0.2% in the previous quarter.
On the other hand, in Japan, GDP growth slowed marginally to 0.9%, compared with 1.0% in the previous quarter. GDP also slowed marginally in Canada (to 0.4% compared with 0.5%). In Mexico, GDP contracted (by 0.7%), the first contraction since the second quarter of 2009. In Italy, GDP fell for the eighth consecutive quarter, but with the pace of contraction slowing to 0.3%, compared with 0.6% in the previous quarter.
Growth accelerated in Brazil (from 0.6% to 1.5%), South Africa (from 0.2% to 0.8%), India (from 0.4% to 0.6%) and China (from 1.6% to 1.7%). Growth remained stable in Indonesia (1.4%).
Compared with the same quarter of 2012, GDP for the G20 area expanded by 2.6% in the second quarter of 2013, up from 2.2% in the previous quarter. Among G20 economies, China recorded the highest growth rate (7.5%) and Italy the largest contraction (minus 2.1%).
Quarterly GDP in volume terms for the G20
Percentage change on the previous quarter, seasonally adjusted data
Note: Growth rates presented in this chart are based on data with more than one decimal.
Link to underlying data - Source: Quarterly National Accounts