March 16, 2017
The Organisation for Economic Co-operation and Development (OECD) announced that growth of real gross domestic product (GDP) in the G20 area eased slightly to 0.7% in the fourth quarter of 2016, down from 0.8% in the previous quarter.
According to the OECD, GDP growth slowed sharply in North America: to 0.5% (from 0.9% in the previous quarter) in the United States, to 0.7% (from 1.1%) in Mexico, and to 0.6% (from 0.9%) in Canada. It also slowed moderately, in several Asia Pacific economies, in particular Korea (to 0.4%, from 0.6%), India (to 1.6%, from 1.8%) and China (to 1.7%, from 1.8%).
On the other hand, growth picked up strongly in Australia (to 1.1%, after a contraction of 0.5% in the previous quarter). It also picked up in Germany and France (to 0.4%, up from 0.1% and 0.2%, respectively), in the United Kingdom (to 0.7%, from 0.6%) and in the European Union as a whole (to 0.5%, from 0.4%). Growth was stable in the euro area (at 0.4%).
For 2016 as a whole, GDP rose by 3.0% in the G20 area, down from 3.3% in 2015.