G20 GDP growth picks up to 0.9% in the third quarter of 2014 | WPN World People News

Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.9% in the third quarter of 2014, up from 0.8% 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 third quarter in India (1.5%, compared with 1.3% in the previous quarter) and Korea (0.9%, compared with 0.5%).

Following contractions in the previous quarter, GDP grew in France (by 0.3% in the third quarter, compared with minus 0.1% in the second quarter), Brazil and Germany (by 0.1%, compared with minus 0.6% and minus 0.1%, respectively in the previous quarter).

GDP growth remained stable at 1.2% in Indonesia.
GDP growth slowed slightly (by 0.1 percentage point) in China (but remained the strongest of the G20 economies, at 1.9%), the United Kingdom (0.8%)and the United States (1.0%). Growth also slowed (by 0.2 percentage point) in Australia and Canada (to 0.3% and 0.7% respectively). In Mexico, GDP growth eased more significantly (to 0.5% compared with 0.9% in the previous quarter).

GDP continued to contract in Japan and Italy,by 0.5% and 0.1%, respectively, following contractions of 1.7% and 0.2% in the previous quarter.

Compared with the same quarter of 2013, GDP growth for the G20 area slowed to 3.2% in the third quarter of 2014 compared with 3.3% in the previous quarter, with China recording the highest growth rate (7.3%) and Japan the largest contraction (minus 1.2%).

Source: Organization for Economic Co-operation and Development