BUSINESS G20 GDP growth slows to 0.4 pct in Q2: OECD

BUSINESS

G20 GDP growth slows to 0.4 pct in Q2: OECD

Xinhua

19:33, September 15, 2021

PARIS, Sept. 15 (Xinhua) -- Gross domestic product (GDP) of the G20 area grew by 0.4 percent in the second quarter (Q2) of 2021, down from 0.9 percent in the previous quarter, with large differences in the growth observed across countries, the Paris-based Organisation for Economic Cooperation and Development (OECD) said on Wednesday.

A staff member unloads a cargo container from a China-Europe freight train at Liege Logistics Intermodal in Liege, Belgium, on Aug 31, 2021. (Photo: Xinhua)

GDP growth slowed in Turkey to 0.9 percent from 2.2 percent in the first quarter (Q1), in South Korea to 0.8 percent from 1.7 percent and in Australia, the figure was 0.7 percent from 1.9 percent, the OECD said in a press release.

In India, GDP contracted sharply by 10.2 percent after a 2.3-percent growth in the first quarter. Canada and Brazil also saw their GDP contract in Q2.

According to the report, growth accelerated in Italy by 2.7 percent in Q2, up from 0.2 percent in Q1; 1.6 percent in the United States, from 1.5 percent in Q1; Mexico saw its Q2 growth up by 1.5 percent from 1.1 percent in the last quarter.

The European Union as a whole registered a GDP growth at 2.1 percent, following a contraction of 0.1 percent. German GDP grew by 1.6 percent in the period following a contraction of 2.0 percent in the first quarter. The United Kingdom, Saudi Arabia and Japan also resumed growth in the same period.

"In the second quarter of 2021, GDP for the G20 area as a whole exceeded its pre-pandemic level (Q4-2019) by 0.7 percent, driven by China, which, together with Turkey, recorded the highest recovery rates (8.2 percent and 8.8 percent, respectively)," noted the OECD.

"However, the majority of countries are still lagging behind pre-pandemic levels, with India experiencing the largest gap (minus 8.1 percent), followed by the United Kingdom (minus 4.4 percent) and Italy (minus 3.8 percent)," it added.

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