G20 GDP growth slows to +0.7% in the fourth quarter of 2011
Quarterly gross domestic product (GDP) growth in the G20 slowed to +0.7% in the fourth quarter of 2011, compared with +0.9% in the third quarter, according to provisional results from this first ever release of the G20 GDP aggregate. In 2011 as a whole, G20 GDP grew by 2.8%, a marked deceleration compared with the +5.0% growth recorded in 2010.
The G20 GDP quaterly in volume terms
The G20 GDP aggregate masks diverging patterns among the world’s largest economies.
In the United States, GDP growth increased to +0.7% in the fourth quarter of 2011, compared with +0.5% in the third quarter. In India and Indonesia growth increased strongly, but in China it slowed to +2.0%, compared with +2.3% in the third quarter. In Japan, economic growth decreased to -0.2%, following the strong rebound to +1.7% in the third quarter. GDP growth was -0.3% in both the European Union and the euro area in the fourth quarter of 2011, the first negative growth since the second quarter of 2009.
Today’s release of the G20 GDP aggregate marks the first release of a G20 aggregate in the context of the implementation of the Data Gaps Initiative – a set of 20 recommendations on the further enhancement of statistics as agreed by the G20 finance ministers and central bank governors. The process is coordinated by the Inter-Agency Group on Economic and Financial Statistics (IAG), which comprises the International Monetary Fund (chair), the Bank for International Settlements, the European Central Bank, Eurostat, the OECD, the United Nations and the World Bank. The dissemination of the G20 GDP aggregate demonstrates cooperation between the agencies and progress in the Data Gaps Initiative and provides a timely measure of economic growth for the G20. In future the G20 aggregate will become part of a new regular OECD quarterly press release on economic growth at around 70 days after the reference quarter.
Source: Website ECG