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OECD says growth in G20 countries was stable at 0.9% in first quarter of 2017

June 15, 2017

The Organisation for Economic Co-operation and Development (OECD) announced that growth of real gross domestic product (GDP) in the G20 area was stable, at 0.9%, in the first quarter of 2017.

According to the OECD, GDP growth picked up in Korea (to 1.1%, from 0.5%), in Canada (to 0.9%, from 0.7%), Germany (to 0.6%, from 0.4%), and Italy (to 0.4%, from 0.3%). Real GDP also grew by 1.0% in Brazil, following eight consecutive quarters of contraction.

Growth was unchanged in India (at 1.5%), Indonesia (1.2%), Mexico (0.7%), the European Union (0.6%), and Japan (0.3%).

The Organisation notes that, on the other hand, economic growth slowed markedly in Turkey (to 1.4%, from 3.4%) and Australia (to 0.3%, from 1.1%). Growth also weakened in the United Kingdom (to 0.2%, from 0.7%), China (to 1.3%, from 1.7%), the United States (to 0.3%, from 0.5%) and France (to 0.4%, from 0.5%). In South Africa, GDP contracted further (to minus 0.2%, compared with a drop of 0.1% in the previous quarter).

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