G20 growth up to 0.9 per cent

The OECD have released data showing that GDP in the G20 area grew by 0.9 per cent in the third quarter of 2014, up from 0.8 per cent in the previous quarter.

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The OECD has released data showing that GDP in the G20 area grew by 0.9 per cent in the third quarter of 2014, up from 0.8 per cent in the previous quarter.

These are, the OECD stresses, preliminary estimates, and the data also does not reflect diverging patterns across countries.

For example, in India growth accelerated from 1.3 per cent to 1.5 per cent in the third quarter, and in Korea from 0.5 per cent to 0.9 per cent. GDP also grew, though by smaller amounts, in France, Brazil and Germany, and remained stable in Indonesia.

GDP growth slowed slightly in the UK (0.8 per cent) and the US (one per cent). Growth also slowed in Australia (0.3 per cent) and Canada (0.7 per cent). EU growth was 0.3 per cent.

Despite a slow in growth of 0.1 per cent in the third quarter, China remains the strongest of the G20 economies at 1.9 per cent.

GDP continued to contract in Japan, by 0.5 per cent, and Italy, by 0.1 per cent. This follows contracts of, respectively, 1.7 per cent and 0.2 per cent in the previous quarter.

GDP growth for the G20 area slowed to 3.2 per cent in the third quarter of 2014, when compared to the same quarter of 2013 (3.3 per cent). China recorded the highest growth rate (7.3 per cent) and Japan the largest contraction (minus 1.2 per cent).

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