G20 GDP growth stable in Q2 2016 | WPN World People News

Growth of real Gross Domestic Product (GDP) in the G20 area remained stable, at 0.7%, in the second quarter of 2016.

Growth picked up in China (to 1.8%, from 1.2%) and in South Africa (to 0.8%, from minus 0.3%). It also increased, although to a lesser extent, in Korea (to 0.8%, from 0.5%), the United Kingdom (to 0.6%, from 0.4%), Indonesia (to 1.3%, from 1.2%), and the United States (to 0.3%, from 0.2%).

On the other hand, economic growth slowed markedly in Canada (to minus 0.4%, from 0.6%), Mexico (to minus 0.2%, from 0.5%), India (to 1.4%, from 2.0%), Australia (to 0.5%, from 1.0%), Turkey (to 0.3%, from 0.7%) and Japan (to 0.2%, from 0.5%). Growth also weakened in the euro area (to 0.3%, from 0.5%), driven by slowdowns in its major member economies: France (to 0.0%, from 0.7%), Germany (to 0.4%, from 0.7%), and Italy (to 0.0%, from 0.3%).

GDP contracted by 0.6% in Brazil – a slightly higher rate than in the previous quarter (minus 0.4%), but significantly below the pace of contraction in 2015.

Year-on-year GDP growth for the G20 area remained stable at 2.9% in the second quarter of 2016, with India (7.1%) and China (6.7%) recording the highest growth rates, while Brazil continued to show the lowest rate (minus 3.8%).

Source: Organization for Economic Co-operation and Development