G20 GDP up 0.6% in third quarter of 2012
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13/12/2012 - Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.6% in the third quarter of 2012 compared with 0.5% in the second quarter, according to preliminary estimates. The aggregate G20 GDP growth rate however continues to mask diverging patterns across economies.
Growth accelerated strongly in the third quarter of 2012 in the United Kingdom (to 1.0% compared with minus 0.4%). Growth also accelerated in the United States (to 0.7% compared with 0.3%), Brazil (to 0.6% compared with 0.2%), France, China and the European Union.
It contracted sharply in Japan (to minus 0.9% compared with 0.0%). GDP growth rates were substantially lower in South Africa (0.3% compared with 0.9%) and in Turkey (0.2% compared with 1.7%).
Growth decelerated more moderately in Australia, Canada, Germany, Indonesia, Korea and Mexico, while in India it remained unchanged from the previous quarter.
In Italy, the pace of GDP contraction slowed for the second consecutive quarter.
Compared with the same quarter of 2011, GDP growth slowed to 2.6% in the third quarter of 2012 in the G20 area, China recorded the highest growth rate (7.4%) and Italy the largest contraction (minus 2.4%).
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