G20 GDP growth stable in Q1 2016 as pick-up in euro area and India offsets slowing China | WPN World People News

Growth of real Gross Domestic Product (GDP) in the G20 area (see technical note) remained stable overall at 0.7% in the first quarter of 2016.

GDP growth accelerated in the euro area in Q1 2016 (to 0.6 %, compared with 0.4% in the previous quarter), with growth picking up in Germany, (to 0.7%, from 0.3%), France (to 0.6% from 0.4%) and Italy (to 0.3%, from 0.2%). Growth also picked up in Australia (to 1.1%, compared with 0.7% in the previous quarter), Canada (to 0.6%, from 0.1%), India (to 2.1%, its highest rate in over 5 years), Japan (to 0.5%, from minus 0.4%) and Mexico (to 0.8%, from 0.5%).

By contrast, growth continued to slow in China where first quarter expansion was 1.1%, its lowest rate since 1995. Growth also weakened in Turkey (to 0.8%, from 1.2%), Korea (to 0.5%, from 0.7%), the United States (to 0.2%, from 0.3%), Indonesia (to 1.2%, from 1.3%) and the United Kingdom (to 0.4%, from 0.6%).

GDP continued to fall in Brazil (minus 0.3%), but at its slowest pace in five quarters.

Compared with the same quarter of 2015, GDP growth for the G20 area remained stable at 3.0% in the first quarter of 2016, with India recording the highest growth rate (8.0%) and Brazil the lowest (minus 5.1%).

Source: Organization for Economic Co-operation and Development