G20 GDP growth stable in Q1 2016 as pick-up in Euro Area and India offsets slowing China
Growth of real Gross Domestic Product (GDP) in the G20 area remained stable overall at 0.7 % in the first quarter of 2016 says OECD
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 %).