According to the OECD report the GDP of the G20 countries increased by 0.7% in the first quarter, but the value “continues to mask divergent patterns.”
Preliminary estimates of the OECD, published today, show that the growth rate of aggregate GDP “continues to mask the divergent patterns” in the world’s largest economies and remember that GDP growth in the previous three months was 0.6%.
Among the European countries of the G20, GDP grew 0.3% in the UK and 0.1% in Germany, after a contraction in the previous quarter. Already in France and Italy, GDP continued to shrink, albeit more slowly in the last one.
In Canada and the United States GDP increased to 0.6% compared to 0.2% and 0.1%, respectively, recorded in the previous three months.
Turkey recorded an accelerated growth, from 0.1% to 1.6%, while in Japan rose from 0.3% to 1% and Korea rose from 0.3% to 0.8%.
The growth remained stable in Australia and Brazil (0.6%) and “almost stable” in Indonesia (from 1.5% to 1.4%).
In Mexico GDP contracted by moving from 0.7% to 0.5%, as well as in South Africa, which fell from 0.5% to 0.2%, in China, which fell from 2% to 1.6% and most significantly in India, which fell from 1.2% to 0.5%.
In homologous terms, GDP growth for the G20 area “remained stable at 2.4%” in the first three months of the year, with China recording the highest growth rate of 7.7%, and Italy to register the largest contraction least 2.3%.