G20 economy slows down and grows 3.1% in the second quarter

Na statement released today, the OECD states that among the G20 economies with available data, India experienced the highest growth compared to the same quarter of the previous year, 8.1%, followed by Indonesia, 5.3%, and China, 4.3%.

At the opposite extreme, Saudi Arabia's GDP contracted 4.3% compared to the previous year.

In chain and according to the provisional estimates published today by the OECD, GDP of G20 economies grew by 0.7% in the second quarter, less than in the first three months of the year.

The data reflects an uneven development between the G20 economies, although most of them slowed down growth, while Mexico, Indonesia, Turkey and Canada led the increases at the other extreme.

Saudi Arabia experienced the largest quarterly contraction, with a GDP decline of 4.8% in the second quarter, after falling 1.4% in the first, according to the OECD, which mainly attributed the fall to a sharp decrease in oil activity.

GDP also contracted in South Africa 0.2%, after growing 0.4% in the first quarter.

In South Korea, growth slowed sharply to 0.6% after a 1.8% advance in the first three months, mainly due to lower export growth and private consumption.

Growth also lost pace in Brazil, to 0.5%, to 1.1% in the first quarter, in China, to 0.9%, to 1.3%, and in India, to 1.8%, to 2.1%.

Japan, the United Kingdom and the United States recorded more moderate decelerations, to 0.4% in each case, while Germany and Italy grew 0.3% and 0.2%, respectively.

In France, GDP remained unchanged in the second quarter after contracting 0.2% in the first quarter.

In contrast, Mexico experienced a strong recovery, with GDP growth of 1.4% in the second quarter, compared to a contraction of 0.3% in the first.

Indonesia maintained a solid growth of 1.3%, similar to that of the first quarter, while Turkey accelerated to 1.1%, against 0.3% and Canada to 0.8%, against 0.1%.

In Australia, growth increased slightly, to 0.4%, against 0.3%.