POSITIVE signs have emerged from the figures of latest quarter GDP in
the G20 area. As compared to last quarter, it has logged 0.7% growth. However,
the aggregate G20 GDP growth rate continues to mask diverging patterns across
the world’s largest economies.
Among
European G20 countries, GDP grew in the first quarter of 2013 in the United
Kingdom and Germany (by 0.3% and 0.1%, respectively) following a contraction in
the previous quarter. GDP continued to contract in France and Italy, although in
Italy the pace of contraction slowed.
Growth accelerated in Turkey (from 0.1% to 1.6%), in Japan (from 0.3% to
1.0%), in Korea (from 0.3% to 0.8%) and in Canada and United States (rising to
0.6% compared with 0.2% and 0.1%, respectively, in the previous
quarter).
Growth remained stable in Australia and Brazil (0.6%) and was broadly
stable in Indonesia (from 1.5% to 1.4%). It also slowed in Mexico (from 0.7% to
0.5%), in South Africa (from 0.5% to 0.2%), in China (from 2.0% to 1.6%), and
more significantly in India (from 1.2% to 0.5%).
Compared with the same quarter of 2012, GDP growth for the G20 area
remained stable at 2.4% in the first quarter of 2013, with China recording the
highest growth rate (7.7%) and Italy the largest contraction (minus
2.3%).
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