FX.co ★ G20 growth accelerates in Q2

According to the Organization for Economic Cooperation and Development (OECD), the real GDP growth of G20 countries increased by 1% from the preceding quarter. In the previous period, the growth came in at 0.9%, according to the think tank.

The organization unveiled a detailed report on a number of countries. In Japan, GDP growth stood at 0.7% in April-June 2018 compared to the previous three months. Russia’s growth recovered to 0.9% in the second quarter from 0.4% in the first quarter. Meanwhile, the United States’ gross domestic product increased by 1% from a 0.5% increase previously, and China posted 1.8% growth, up from 1.4% in the previous month.

Slower economic growth rates were recorded in Canada (to 0.7% from 0.4%), in the UK (to 0.4% from 0.2%), in Germany (to 0.5% from 0.4%) and in Brazil (to 0.2% from 0.1%).

The OECD noted a slowdown in Turkey’s growth to 0.9% from 1.5% and in South Korea’s growth to 0.6% from 1%. Meanwhile, the Australia’s economic growth weakened moderately to 0.9% from 1.1%, and that of India and Italy came in at 1.9% and 0.3% from 2% and 0.3%, respectively. In Mexico and South Africa, GDP fell by an equal 0.2%, while in January-March 2018 there was a 1% increase in Mexico and a 0.7% decrease in South Africa. Stable growth rates were recorded in Indonesia (1.3%) and in France (0.2%).

In April-June this year, growth throughout EU-28 was 0.4%. In the meantime, year-on-year GDP growth for the G20 area was 3.9% in the reporting period. India’s economy expanded at the fastest rate of 8%, while the South African GDP growth of 0.5% was the slowest among the surveyed countries.