G20 Economic Growth Slows In Q2
2012-09-14 11:59:27
Economic growth in G20 nations slowed for a third consecutive quarter in the April-June period, the Organization for Economic Co-operation and Development said Thursday.
The seasonally adjusted Gross Domestic Product (GDP) rose 0.6 percent sequentially in the second quarter, slower than the 0.7 percent growth recorded in the first quarter.
"This marks the third consecutive quarter of slowing growth in the G20 area but masks diverging patterns across economies," the group said in a report.
The GDP contracted 0.1 percent in the European Union as a whole, and 0.2 percent in the euro area. GDP contracted for the third consecutive quarter in the U.K. and for the fourth consecutive quarter in Italy.
Economy stagnated in France, while German GDP growth moderated to 0.3 percent from 0.5 percent. In the U.S., GDP rose at a slightly slower pace of 0.4 percent. Canada's economy grew at a steady pace of 0.5 percent.
Economic growth accelerated in Brazil, China, Indonesia, South Africa and Turkey, while slowed strongly in Australia, Japan and South Korea. Growth decelerated more moderately in India.