G20 GDP Growth - Second quarter of 2014, OECD | WPN World People News

Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.8% in the second quarter of 2014, up from 0.6% in the previous quarter, according to preliminary estimates. This, however, masks diverging patterns across countries.

Quarterly GDP in volume terms for the G20

Percentage change on the previous quarter, seasonally adjusted data

Among G20 economies, growth accelerated in the second quarter in China (2.0%, compared with 1.5% in the previous quarter), Mexico (1.0%, compared with 0.4%) and Canada (0.8%, compared with 0.2%).

Following contractions in the previous quarter, GDP rebounded in the United States (1% in the second quarter, compared with minus 0.5% in the first quarter) and South Africa (0.2%, compared with minus 0.2%).
GDP growth remained stable at 1.2% in Indonesia and 0.8% in the United Kingdom and remained flat in France for the second consecutive quarter.

GDP growth slowed to 1.2% in India and to 0.5% in Australia and Korea, compared with 1.9%, 1.1% and 0.9%, respectively in the previous quarter.

In Japan, GDP growth contracted significantly (by 1.8%), partly reflecting the effects of April’s increase in consumption tax that brought spending forward and drove GDP up by 1.5% in the previous quarter. GDP also contracted in Germany, by 0.2%, following an increase of 0.7% in the first quarter of 2014.

GDP continued to contract in Brazil and Italy, by 0.6% and 0.2%, respectively, following contractions of 0.2% and 0.1% in the previous quarter.

Compared with the same quarter of 2013, GDP growth for the G20 area slowed to 3.2% in the second quarter of 2014 compared with 3.4% in the previous quarter, with China recording the highest growth rate (7.5%) and Brazil the largest contraction (minus 0.8%).

Source: Organization for Economic Co-operation and Development