G20 GDP growth picks up to 0.9% in the third quarter of 2014: OECD

G20 GDP growth slowed to 3.2%, yoy, in the third quarter of 2014 from 3.3% in the previous quarter

Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.9% in the third quarter of 2014, up from 0.8% in the previous quarter, according to preliminary estimates. This, however, masks diverging patterns across countries.

Among G20 economies, growth accelerated in the third quarter in India (1.5%, compared with 1.3% in the previous quarter) and Korea (0.9%, compared with 0.5%).

Following contractions in the previous quarter, GDP grew in France (by 0.3% in the third quarter, compared with minus 0.1% in the second quarter), Brazil and Germany (by 0.1%, compared with minus 0.6% and minus 0.1%, respectively in the previous quarter).

GDP growth remained stable at 1.2% in Indonesia.

GDP growth slowed slightly (by 0.1 percentage point) in China (but remained the strongest of the G20 economies, at 1.9%), the United Kingdom (0.8%) and the United States (1.0%). Growth also slowed (by 0.2 percentage point) in Australia and Canada (to 0.3% and 0.7% respectively). In Mexico, GDP growth eased more significantly (to 0.5% compared with 0.9% in the previous quarter).

GDP continued to contract in Japan and Italy, by 0.5% and 0.1%, respectively, following contractions of 1.7% and 0.2% in the previous quarter.

Compared with the same quarter of 2013, GDP growth for the G20 area slowed to 3.2% in the third quarter of 2014 compared with 3.3% in the previous quarter, with China recording the highest growth rate (7.3%) and Japan the largest contraction (minus 1.2%).

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