GDP growth for the G20 accelerated a bit in the first quarter, according to the latest data from the Organization for Economic Cooperation and Development (OECD).
The OECD reports that quarterly GDP in the G20 area grew by 0.7% in the first quarter, up from 0.6% in the previous quarter, according to preliminary estimates. However, it also notes that the aggregate G20 GDP growth rate continues to mask diverging patterns across the world’s largest economies.
Growth accelerated notably in Canada and the U.S., it says, rising to 0.6%, compared with 0.2% and 0.1%, respectively, in the previous quarter. It also ramped up in Japan, Korea, and Turkey.
Among European G20 countries, both the UK and Germany returned to positive GDP growth in the first quarter, following a contraction in the previous quarter. But, GDP continued to contract in France and Italy, although in Italy the pace of contraction slowed, the OECD notes.
Growth was stable in Australia, Brazil, and Indonesia, but it slowed in Mexico, South Africa, China and India.