G-20 Growth Weakened in Fourth Quarter, New Data Series Shows
Economic expansion in Group of 20 countries slowed in the fourth quarter, according to a new statistical series published by seven international institutions.
Gross domestic product in the G-20 nations rose 0.7 percent in the final three months of 2011 from the previous quarter, when it increased 0.9 percent, according to the data released in Paris and Washington today by the International Monetary Fund, the Bank for International Settlements, the European Central Bank, Eurostat, the Organization for Economic Cooperation and Development, the United Nations and the World Bank.
G-20 growth of 2.8 percent for the whole of 2011 showed “a marked deceleration compared with the 5 percent growth in 2010,” the institutions said in a statement. “The G-20 GDP aggregate masks diverging patterns among the world’s largest economies.”
The G-20 is composed of industrial and emerging economies and accounts for about 85 percent of the world economy. While the U.S. returned to growth and economies including India and Indonesia expanded strongly, the European Union and Japan contracted in the same period, the report showed. China’s economic growth slowed to 2 percent from 2.3 percent in the third quarter.
The new data will be part of the OECD’s quarterly release on economic growth, published regularly about 70 days after the end of each quarter.
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