India GDP growth accelerates to 1.9% q-o-q-OECD

G20 GDP growth picks up to 0.9% in third quarter of 2013

Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.9% in the third quarter of 2013, up from 0.8% recorded in the previous quarter, according to preliminary estimates by Organisation of Economic Co-operation and Development (OECD).

Among G20 economies, China recorded the strongest growth at 2.2%, compared with 1.9% in the previous quarter, followed by India where GDP growth accelerated to 1.9%, compared with 1.0% in the previous quarter, while increased to 5.3% compared with 3.3% in the same quarter of the previous year.

In Indonesia and Korea GDP growth was unchanged at 1.3% and 1.1% respectively.

In the United States, the United Kingdom and Canada, GDP growth accelerated to 0.9%, 0.8% and 0.7% respectively, compared with 0.6%, 0.7% and 0.4% in the second quarter. In Mexico, GDP grew by 0.8%, rebounding from a contraction of 0.5% in the previous quarter, while in Italy, GDP was unchanged on the previous quarter, after nine consecutive quarters of decline.

GDP growth slowed but remained robust in Turkey (0.9%) and slowed marginally in Australia (0.6%). In Germany and Japan, quarterly GDP growth retained the relatively erratic profile seen in recent quarters, slowing down to 0.3% in the third quarter from0.7% and 0.9%, respectively, in the second quarter. Similar volatility continued in South Africa, where GDP rose by 0.2%, down from 0.8% in the previous quarter.

In Brazil, GDP contracted by 0.5% in the third quarter of 2013, the first contraction since the first quarter of 2009, which may in part reflect the outstanding growth (1.8%) recorded in the previous quarter. Also in France, GDP contracted by 0.1%, compared with 0.5% growth in the previous quarter.

Compared with the same quarter of 2012, GDP for the G20 area expanded by 2.9% in the third quarter of 2013 and up from 2.5% in the previous quarter. Among G20 economies, China recorded the highest growth rate (7.8%) followed by Indonesia (5.6%) and India (5.3%). Meanwhile, Italy saw the largest contraction (minus 1.8%).

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