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G20 growth slows to 0.7% in second quarter of 2019

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12/09/2019 - Growth of real gross domestic product (GDP) in the G20 area slowed to 0.7% in the second quarter of 2019, compared with 0.8% in the previous quarter, according to provisional estimates. 

GDP contracted in the United Kingdom and Germany (by 0.2% and 0.1%, respectively, in the second quarter, compared with increases of 0.5% and 0.4% in the previous quarter). GDP growth also slowed in Turkey (to 1.2%, from 1.6%), India (to 1.0%, from 1.3%), the United States (to 0.5%, from 0.8%), Japan (to 0.3%, from 0.5%), Italy (to 0.0%, from 0.1%), and the European Union (to 0.2%, from 0.5%). 

GDP growth was stable in Australia, France and the Russian Federation (at 0.5%, 0.3% and 0.2%, respectively). 

On the other hand, GDP growth rebounded strongly in South Africa and Korea (to 0.8% and 1.0%, respectively, following contractions of 0.8% and 0.4% in the previous quarter). Growth also turned positive in Brazil and Mexico (to 0.4% and 0.1%, respectively, from minus 0.1% and minus 0.2%). GDP growth picked up significantly in Canada (to 0.9%, from 0.1%) and more moderately in China (to 1.6%, from 1.4%) and Indonesia (to 1.3%, from 1.2%). 

Year-on-year GDP growth for the G20 area slowed to 2.9% in the second quarter of 2019, compared with 3.1% in the previous quarter, with China recording the highest growth (6.2%) and Turkey the lowest (minus 1.4%). Year-on-year GDP growth for the OECD area also slowed marginally to 1.6% from 1.7%.

• Next publication date: 12 December 2019
• Contacts: For further information, journalists are invited to contact the OECD's Media Relations Division on (33) 1 45 24 97 00 or news.contact@oecd.org;  others should contact the Statistics Directorate on stat.contact@oecd.org.
• Link to previous news releases
• More information on quarterly national accounts at www.oecd.org/std/qna

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