Quarterly gross domestic product (GDP) growth in the G20 gained a little momentum in the third quarter, according to preliminary estimates from the Organization for Economic Co-operation and Development (OECD).
The Paris-based OECD says that GDP in the G20 grew by 0.6% in the third quarter, compared with 0.5% in the second quarter. However, notwithstanding this slight improvement, it stresses that the aggregate GDP growth rate continues to mask diverging patterns across economies.
Growth did accelerate strongly in the third quarter in the United Kingdom, the OECD reports, and it also accelerated in the United States, Brazil, France, China and the European Union. Yet, it contracted sharply in Japan, South Africa, and Turkey.
Growth decelerated more moderately in Canada, Australia, Germany, Indonesia, Korea and Mexico, it says, while it remained unchanged from the previous quarter in India.
Compared with the same quarter of 2011, GDP growth slowed, dropping to 2.6% in the third quarter of 2012 from 3.7% in the same period last year.