G20 GDP growth nudges up to 1.0% in the second quarter of 2018

This article is brought to you in association with OECD. Growth of real gross domestic product (GDP) in the G20 area picked-up marginally to 1.0% in the second quarter of 2018, compared with 0.9% in the previous quarter, according to provisional estimates. GDP growth rebounded in Japan, to 0.7% in the second quarter of 2018, following a contraction of 0.2% in the previous quarter. It also picked-up significantly in the United States (to 1.0%, from 0.5% in the previous quarter), Russia (to 0.9%, from 0.4%) and China (to 1.8%, from 1.4%). Real GDP growth also picked-up in Canada (to 0.7%, from 0.4%), and to a lesser extent, in the United Kingdom (to 0.4%, from 0.2%), Germany (to 0.5%, from 0.4%) and Brazil (to 0.2%, from 0.1%). On the other hand, growth slowed significantly in Turkey (to 0.9%, from 1.5%) and Korea (to 0.6%, from 1.0%), and, to a lesser extent, in Australia (to 0.9%, from 1.1%), India (to 1.9%, from 2.0%) and Italy (to 0.2%, from 0.3%). GDP growth was stable in Indonesia (1.3%) and France (0.2%) but GDP contracted by 0.2% in Mexico (following growth of 1.0% in the previous quarter) and South Africa (following a contraction of 0.7% in the previous quarter). Year-on-year GDP growth for the G20 area remained stable at 3.9% in the second quarter of 2018, with India recording the highest growth (8.0%) and South Africa the lowest (0.5%).