G-20 Economic Growth Accelerated in First Quarter, OECD Says

Economic growth in the Group of 20 nations accelerated in the first quarter, led by Germany, Australia, Japan, Korea and Mexico, according to the Organisation for Economic Cooperation and Development.

Gross domestic product rose 0.8 percent after a 0.7 percent increase in the final three months of 2011, the Paris-based organization said in an e-mailed statement today. Growth slowed to 1.8 percent in China, while the Italian and U.K. economies shrank and the European Union stagnated.

“This small pick-up in aggregate G-20 GDP growth still masks diverging patterns among the world’s largest economies,” the OECD said.

G-20 leaders are scheduled to meet on June 18 in the Mexican resort of Los Cabos as the crisis in the euro area escalates. Spain became the fourth member of the 17-nation currency region to request a bailout last week, intensifying concerns that the currency zone could break up.

To contact the reporter on this story: Svenja O’Donnell in London at sodonnell@bloomberg.net.

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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