G20 GDP growth stable in second quarter of 2016
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 %).