G20 GDP growth accelerates to 0.9 % in second quarter of 2017

G20 GDP growth accelerates to 0.9% in second quarter of 2017

Growth of real Gross Domestic Product (GDP) in the G20 area accelerated to 0.9 % in the second quarter of 2017, compared with 0.8 % in the previous quarter, according to provisional estimates.

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Growth picked up strongly in Turkey, to 2.1 % (as compared with 1.3 % in the first quarter of 2017), the highest quarterly growth among G20 economies. Real GDP also increased significantly in China (by 1.7 %, compared with 1.3 % in the previous quarter), South Africa (by 0.6 %, following a contraction of 0.1%) and in Australia and the United States (by 0.8 %, compared with 0.3 % in the previous quarter). Growth also picked up, although to a lesser extent, in India (to 1.4 %, from 1.3 %), Canada (to 1.1 %, from 0.9 %), Japan (to 0.6 %, from 0.3 %), and the United Kingdom (to 0.3 %, from 0.2 %).

Growth remained stable in Indonesia (1.2 %), France (0. 5%) and Italy (0.4 %), while it slowed markedly in Brazil (to 0.2 %, from 1.0 %) and Korea (to 0.6 %, from 1.1 %). Growth also weakened in Germany and Mexico (to 0.6 %, from 0.7 %).

Year-on-year GDP growth for the G20 area increased to 3.6 % in the second quarter of 2017 (from 3.4 % in the previous quarter), with China (6.9%) and Turkey (6.1 %) recording the highest growth rates and Brazil the lowest rate (0.2 %).

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Technical Note

Gross Domestic Product (GDP) is the standard measure of the value of the goods and services produced by a country during a reference period. The estimate of GDP growth for the G20 aggregate is produced by the OECD Secretariat. It is based on quarterly seasonally adjusted data reported by G20 countries and Eurostat, and, if country data are not available, on estimates from the OECD’s Secretariat.

Country notes

The statistical data in this publication are supplied by and under the responsibility of the relevant statistical authorities. The use of such data by the OECD is without prejudice to the status of or sovereignty over any territory, or to the delimitation of international frontiers and boundaries.

China – China is part of the G20 aggregate for all quarters. Data shown in the tables correspond to official figures from the National Bureau of Statistics of China (NBS). Quarterly data used to compile the G20 aggregate are based on estimates from the OECD’s Economics Department, which are not shown in the tables.

Russian Federation – The Russian Federal State Statistics Service (Rosstat) has implemented the 2008 SNA in its System of National Accounts in the beginning of April 2016 and since July 2017 it has released time series according to the 2008 SNA back to 2011. However, seasonally adjusted data is currently only available up to the fourth quarter of 2016.

As a consequence of the above, to calculate the G20 aggregate, the OECD’s Statistics Directorate has compiled provisional estimates of the seasonally adjusted growth rates for the recent period for Russia. These estimates have been included in the G20 aggregate, but are not explicitly shown.

Saudi Arabia – Data is compiled by the “General Authority for Statistics, Kingdom of Saudi Arabia” and provided to the OECD by the IMF.

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