| THE Quarterly Gross Domestic Product (GDP) in the
G20 area grew by 0.9% in the second quarter of 2013 compared with 0.6%
in the previous quarter, according to preliminary estimates. GDP growth
accelerated in most of the world's largest economies but slowed marginally
in Canada and Japan and significantly in Mexico.
Among
OECD G20 economies, Turkey recorded the strongest growth at 2.1%,
compared with 1.5% in the previous quarter followed by Korea with a GDP
growth of 1.1%, compared with 0.8% in the previous quarter. In the
United Kingdom and the United States, GDP growth accelerated to 0.7% and
0.6% respectively, compared with 0.3% in the previous quarter. In
Germany, GDP increased by 0.7%, compared with the zero growth rate
registered in the previous quarter. In France, GDP grew by 0.5%,
rebounding from a contraction of 0.2% in the previous quarter.
On
the other hand, in Japan, GDP growth slowed marginally to 0.9%,
compared with 1.0% in the previous quarter. GDP also slowed marginally
in Canada (to 0.4% compared with 0.5%). In Mexico, GDP contracted (by
0.7%), the first contraction since the second quarter of 2009. In Italy,
GDP fell for the eighth consecutive quarter, but with the pace of
contraction slowing to 0.3%, compared with 0.6% in the previous quarter.
Growth
accelerated in Brazil (from 0.6% to 1.5%), South Africa (from 0.2% to
0.8%), India (from 0.4% to 0.6%) and China (from 1.6% to 1.7%). Growth
remained stable in Indonesia (1.4%).
Compared
with the same quarter of 2012, GDP for the G20 area expanded by 2.6% in
the second quarter of 2013, up from 2.2% in the previous quarter. Among
G20 economies, China recorded the highest growth rate (7.5%) and Italy
the largest contraction (minus 2.1%).
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