Economic growth for the G20 slowed in the second quarter, the Organization for Economic Cooperation and Development (OECD) reports.
According to provisional estimates, GDP growth slipped to 0.7% in Q2 from 1.0% in the previous quarter.
“The slowdown in the G20 area … mainly reflected a deceleration of the economy in China, where GDP growth slowed to 0.8% compared with 2.2% in the previous quarter,” the Paris-based group said.
Additionally, a decline in merchandise trade contributed to the G20’s slowdown, the OECD said.
“In Canada and the European Union, zero growth was recorded in Q2, after GDP grew by 0.6% and 0.2% respectively in the previous quarter,” the group noted.
In Europe, growth slowed in Italy, and Germany produced zero growth — although this marked an improvement after two quarters of negative growth.
Notwithstanding the slowdown however, output for the G20 was still up by 8.8% from its pre-pandemic level, the OECD said.