Slight easing of G20 GDP growth in fourth quarter of 2016
Download the entire news release (PDF 120KB)
13/03/2017 – Growth of real gross domestic product (GDP) in the G20 area* eased slightly to 0.7% in the fourth quarter of 2016, down from 0.8% in the previous quarter, according to provisional estimates.
GDP growth slowed sharply in North America: to 0.5% (from 0.9% in the previous quarter) in the United States, to0.7% (from 1.1%) in Mexico, and to 0.6% (from 0.9%) in Canada. It also slowed, albeit more moderately, in several Asia Pacific economies, in particular Korea (to 0.4%, from 0.6%), India (to 1.6%, from 1.8%) and China (to 1.7%, from 1.8%). Growth also slowed in Italy (to 0.2%, from 0.3%) and South Africa (to 0.0%, from 0.1%), while it was unchanged in Indonesia (1.2%) and Japan (0.3%). In Brazil, GDP contracted further (by minus 0.9%, after a rate of minus 0.7% in the previous quarter).
On the other hand, growth picked up strongly in Australia (to 1.1%, after a contraction of 0.5% in the previous quarter). It also picked up in Germany and France (to 0.4%, up from 0.1% and 0.2%, respectively), in the United Kingdom (to 0.7%, from 0.6%) and in the European Union as a whole (to 0.5%, from 0.4%). Growth was stable in the euro area (at 0.4%).
Year-on-year GDP growth for the G20 area* was stable at 3.1% in the fourth quarter of 2016, with India (7.2%) and China (6.8%) recording the highest growth rates and Brazil the lowest rate (minus 2.5%).
For 2016 as a whole, GDP rose by 3.0% in the G20 area*, down from 3.3% in 2015.
*See country note for Russia in the technical note.