World Economy

G20 GDP Growth Steady

G20 GDP Growth SteadyG20 GDP Growth Steady

Gross Domestic Product (GDP) in the G20 area grew by 0.9% in the fourth quarter of 2014, the same rate as in the previous quarter, according to preliminary estimates. However, patterns diverged across countries.

Among G20 economies, India recorded the strongest growth in the fourth quarter, followed by China (1.6% and 1.5%, respectively) although growth eased in both countries compared with the previous quarter (from 2.2% and 1.9%, respectively), OECD website reported.

GDP growth also eased significantly in the United States (to 0.5%, compared with 1.2% in the previous quarter) and Korea (to 0.4%, compared with 0.9% previously). Growth slowed slightly in Canada (to 0.6%), the United Kingdom (to 0.5%) and France (to 0.1%). GDP growth remained stable at 1.2% in Indonesia.

GDP growth accelerated significantly in Germany and South Africa (to 0.7% and 1.0%, compared with 0.1% and 0.5%, respectively, in the previous quarter) and picked up slightly in Australia and Mexico (to 0.5% and 0.7%, respectively).

Following contractions in the previous quarter, GDP grew in Japan (by 0.4% in the fourth quarter, compared with minus 0.7% in the third quarter) and remained stable in Italy (compared with minus 0.1%).

Compared with the same quarter of 2013, GDP for the G20 area expanded by 3.4% in the fourth quarter of 2014 compared with 3.3% in the previous quarter, with India recording the highest growth rate (7.5%), followed by China (7.3%), and Japan recording the largest contraction (minus 0.7%).

For 2014 as a whole, GDP rose by 3.4% in the G20 area, up from 3.2% in 2013.