G20 area economic growth slightly falls to 0.7% in 2nd quarter

By Tuba Ongun

The GDP in the G20 area rose 0.7% quarter-on-quarter in April-June, slightly eased from 0.8% in January-March, according to data released on Thursday.

China, India, and the US contributed the most to G20’s economic growth in the second quarter although Brazil and Saudi Arabia saw the highest growth rates (both at 1.4%), the Organization for Economic Cooperation and Development (OECD) data showed.

The Chinese economy grew 1.5% in the three months through June, down from 0.7% in the prior period.

The GDP growth in India slowed from 1.7% in January-March to 1.3% in April-June.

Japanese economy posted a significant recovery, from a 0.6% contraction in the first quarter to a 0.7% growth in the second quarter.

The US recorded a more modest GDP hike during the same period, from 0.4% to 0.7%.

The GDP in Korea and Germany, on the other hand, contracted by 0.2% and 0.1%, respectively, on a quarterly basis.

Compared with the same quarter of the previous year, GDP in the G20 area increased by 3.1% in the second quarter, slightly down from 3.2% in the previous quarter.

Among G20 economies, India posted the largest annual growth rate with 6.8% in April-June, followed by Indonesia with 5.0%. Japan recorded the largest fall, 0.9%, in the same period.