India sees 'strongest' growth in 2015 Q1: OECD

The Indian economy saw the “strongest growth” in the first quarter of 2015 among large economies, including China, the US, Germany and Canada, says the Organisation for Economic Cooperation and Development.

Data compiled by the Organisation for Economic Cooperation and Development (OECD) showed that overall GDP growth in the G-20 area was slightly lower at 0.7 per cent during the January-March period. In the 2014 December quarter, the region had seen an overall expansion of 0.8 per cent.

"India recorded the strongest growth in the first quarter of 2015 (2.1 per cent, up from 1.4 per cent in the previous quarter)," it said in a statement today.

OECD's quarterly GDP numbers for G-20 countries have been calculated based on a new methodology.

As per the grouping, Canadian, American and Brazilian economies contracted in the first three months of this year.

"Among G20 economies, GDP contracted in Canada (by 0.1 per cent), the US (by 0.2 per cent), and Brazil (by 0.2 per cent), following positive growth of 0.6 per cent, 0.5 per cent and 0.3 per cent, respectively, in the previous quarter," the statement said.

Growth rate fell in South Africa to 0.3 per cent and in Mexico to 0.4 per cent in first quarter. Similarly in Germany and the UK, economic expansion declined to 0.3 per cent.

"In China and Indonesia, GDP growth slowed slightly (to 1.3 per cent and 1.1 per cent, respectively, compared with 1.5 per cent and 1.2 per cent, respectively, in the previous quarter)," the statement said.

Apart from India, economic growth rose in Turkey, Japan, Australia and Korea.

"GDP growth also accelerated in Turkey (to 1.3 per cent, compared with 0.8 per cent in the previous quarter), in Japan and Korea (to 1 per cent and 0.8 per cent, respectively, compared with 0.3 per cent), and in Australia (to 0.9 per cent, compared with 0.5 per cent).

"Within the European group of G20 economies, economic growth accelerated in France and Italy (to 0.6 per cent and 0.3 per cent, respectively)," the statement said.