G20 GDP growth slows to 0.6% in the second quarter of 2012

Quarterly Gross Domestic Product (GDP) growth in the G20 area slowed to 0.6% in the second quarter of 2012 compared with 0.7% in the first quarter. This marks the third consecutive quarter of slowing growth in the G20 area but masks diverging patterns across economies.

Growth accelerated in the second quarter of 2012 in Brazil (to 0.4% compared with 0.1% in the previous quarter), China (from 1.6% to 1.8%), Indonesia (from 1.4% to 1.6%), South Africa (from 0.7% to 0.8%), and Turkey (from minus 0.1% to 1.8%).

Growth slowed strongly in Australia (to 0.6% compared with 1.4%), in Japan (0.2% compared with 1.3%) and in Korea (to 0.3% compared with 0.9%).

Growth decelerated more moderately in Germany, India, Mexico, and the United States while in Canada and France growth rates were unchanged from the previous quarter.

GDP contracted for the third consecutive quarter in the United Kingdom and for the fourth consecutive quarter in Italy. GDP also contracted by 0.1% in the European Union as a whole, and by 0.2% in the euro area.

G20 Quarterly GDP in volume terms

Percentage change on the previous quarter, seasonally adjusted data

Note: Growth rates presented in this chart are based on data with more than one decimal.

Source: OECD