Slowing G-20 growth ‘set to continue’
ECONOMIC growth in the top Group of 20 (G-20) countries slowed to 0.6% in the second quarter of this year from 0.7% in the first quarter, with slow and weak growth set to continue, the Organisation for Economic Co-operation and Development (OECD) said on Thursday.
South Africa was among those that picked up slightly, to 0.8% from 0.7%, the OECD said.
The Chinese economy expanded but output in the eurozone, Japan and South Korea slowed sharply. Britain and Italy also showed shrinking output data. Some emerging economies showed relatively resilient growth, the data showed.
The easing for the G-20 marks the third quarter running of slowing growth but "masks diverging patterns", with a moderate slowing in the US and contraction in the eurozone, it said.
Growth in China picked up to 1.8% from 1.6% in Brazil to 0.4% from 0.1%, and in Indonesia to 1.6% from 1.4%. Turkey achieved a turnaround from contraction of 0.1% to growth of 1.8%.
In Japan growth fell to 0.2% from 1.3% and in South Korea to 0.3% from 0.9% output. In Australia, output also slowed sharply to 0.6% from 1.4%.
The slowdown was less marked in the US where activity growth eased to 0.4% from 0.5%, in Germany to 0.3% from 0.5% and in India 0.8% from 1.1%.
Output in France was flat at zero in both quarters.
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