GDP growth in G20 area picks up slightly in the first quarter of 2019

Real gross domestic product (GDP) in the G20 area grew by 0.8% in the first quarter of 2019, slightly above the previous quarter’s 0.7 %, according to provisional estimates.

GDP growth rebounded in Turkey to 1.3 % in the first quarter of 2019, following a strong contraction of 2.4 % in the previous quarter. Growth also increased in Germany (to 0.4 %, from 0.0 %), in the United States (to 0.8 %, from 0.5 %), the United Kingdom (to 0.5 %, from 0.2 %), Australia (to 0.4 %, from 0.2 % in the previous quarter), Italy (to 0.1 % after a contraction of 0.1 %) and, more moderately, in Japan (to 0.6 %, from 0.5 %).

GDP growth was stable in Indonesia and Canada (at 1.2 % and 0.1 %, respectively).

GDP growth slowed significantly in South Africa and Korea (contracting by 0.9 % and 0.4 %, respectively, compared with positive rates of 0.3 % and 0.9 % in the previous quarter), and more moderately in Brazil and Mexico (minus 0.2 % in both countries, from 0.1 % and 0.0 %, respectively). GDP growth decelerated marginally in China and India (to 1.4 %, from 1.5 %, in both countries) and in France (to 0.3 %, from 0.4 %).

Year-on-year GDP growth for the G20 area was stable at 3.3 % in the first quarter of 2019, with China recording the highest growth (6.4 %) and Turkey the lowest (minus 2.8% ). Year-on-year GDP growth for the OECD area was also stable, at 1.8 %.

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