OECD sees faster Q2 growth in G20 countries

The major economies of the G20 group mostly grew faster in the second quarter compared with the previous three-month period, with average Gross Domestic Product (GDP) edging 0.9 percent higher compared with a 0.6 percent rise earlier, the Organisation for Economic Cooperation and Development (OECD) said Thursday. In its monthly statistical report on the G20, the OECD noted, however, that economic growth has "slowed marginally in Canada and Japan, and significantly in Mexico." Turkey led the field of best performing countries in the second quaarter, with a strong 2.1 percent growth rate, followed by South Korea, with 1.1 percent. Japan registered 0.9 percent GDP expansion, down slightly from the previous quarter. The US, the world's leading economy, grew 0.6 percent, slightly below the G20 average. Britain had 0.7 percent growth, as did Germany, while French growth was 0.5 percent compared with a contraction of 0.2 percent from January to March. Italy was still reported to be in recession but the economy shrunk by only 0.3 percent in the third quarter compared with double that rate in the second quarter. Brazil recorded strong growth of 1.5 percent, up from 0.6 percent, while China's growth was marginally higher at 1.7 percent. Indian third-quarter growth was put at 0.6 percent, up from 0.4 percent and Indonesia was stable with 1.4 percent.