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%.