G20 GDP growth slows slightly to 0.7% in first quarter of 2015 | WPN World People News

Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.7% in the first quarter of 2015, slightly down from 0.8% in the previous quarter, according to preliminary estimates. However, patterns diverged across countries.

Quarterly GDP in volume terms for the G20

Percentage change on the previous quarter, seasonally adjusted data

Among G20 economies, GDP contracted in Canada (by 0.1%), the United States (by 0.2%),and Brazil (by 0.2%), following positive growth of 0.6%, 0.5% and 0.3%, respectively, in the previous quarter. GDP growth also eased significantly in South Africa (to 0.3%, compared with 1.0% in the previous quarter), and to a lesser extent in Mexico (to 0.4%, compared with 0.7% in the previous quarter), Germany and the United Kingdom (to 0.3%, down from 0.7% and 0.6%, respectively, in the previous quarter). In China and Indonesia, GDP growth slowed slightly (to 1.3% and 1.1%, respectively, compared with 1.5% and 1.2%, respectively, in the previous quarter).

On the other hand, India recorded the strongest growth in the first quarter of 2015 (2.1%, up from 1.4% in the previous quarter). GDP growth also accelerated in Turkey (to 1.3%, compared with 0.8% in the previous quarter), in Japan and Korea (to 1.0% and 0.8%, respectively, compared with 0.3%), and in Australia (to 0.9%, compared with 0.5%). Within the European group of G20 economies, economic growth accelerated in France and Italy (to 0.6% and 0.3%, respectively), after flat growth in the fourth quarter of 2014.

Compared with the same quarter of 2014, GDP for the G20 area expanded by 3.3% in the first quarter of 2015 compared with 3.2% in the previous quarter, with India recording the highest growth rate (7.5%), followed by China (7.0%). Brazil recorded the largest contraction (minus 1.1%), followed by Japan (minus 1.0%).

Source: Organization for Economic Co-operation and Development