G20 GDP growth stable at 0.7% in the third quarter of 2015
Real growth of Gross Domestic Product (GDP) in the G20 area remained stable at 0.7% in the third quarter of 2015, for the third consecutive quarter, but with diverging patterns across countries, according to preliminary estimates.
GDP growth accelerated strongly in Korea and Australia (to 1.3% and 0.9% respectively, compared with 0.3% in the previous quarter), and in Canada (to 0.6%, compared with minus 0.1%). It also turned up in Japan (to 0.3%, up from minus 0.1% in the previous quarter) and in South Africa (to 0.2%, up from minus 0.3% in the previous quarter). Economic growth accelerated more moderately in Mexico and France, to 0.8% and 0.3% respectively (compared with 0.6% and 0.0% in the previous quarter) and in India (to 1.9% compared with 1.7% in the previous quarter).
In China and Indonesia, economic growth remained unchanged at 1.8% and 1.2%, respectively. On the other hand, in the third quarter of 2015, GDP growth slowed in the United States and in the United Kingdom, to 0.5% (down from 1.0% and 0.7%, respectively, in the previous quarter), while it decelerated marginally (by 0.1% percentage point) in Turkey, Germany and Italy, to respectively 1.3%, 0.3% and 0.2%. In Brazil, real GDP continued to contract, at a rate of minus 1.7%, following a decline of minus 2.1% in the previous quarter.
Compared with the same quarter of 2014, GDP growth for the G20 area slowed to 2.9% in the third quarter of 2015, compared with 3.1% in the previous quarter, with India recording the highest growth rate (7.1%), followed by China (6.9%). Brazil recorded the largest contraction (minus 4.4%).