São Paulo – The Gross Domestic Product (GDP) of the G20, a group comprised of the world’s largest developed and emerging economies, grew by 0.8% in the first quarter, a rate higher than the 0.7% recorded in the last quarter of last year, according to figures issued this Tuesday (13th) by the Organisation for Economic Cooperation and Development (OECD). According to the OECD, the pickup occurred in spite of a slowing down of growth in developing countries.
The OECD warns, however, that the average increase “masks up” uneven performances within the group. The rate of growth increased in Australia, Germany, Japan, Korea and Mexico, for instance, whereas there was a slowdown in China, India, Indonesia and South Africa. In China, this was the second consecutive quarter of deceleration. There was a decline in the GDPs of Italy and the United Kingdom.
The European Union posted a zero growth rate. The Brazilian economy’s growth rate remained stable at 0.2%.
According to the OECD, in comparison with the first quarter of 2011, the G20’s GDP was up 3.3%. In the first three quarters of last year, the rate was 4.1%. During the period, the Brazilian economy’s rate of growth dropped from 4.1% to 0.7%.
Using the same basis of comparison, the only countries whose growth rates increased were Australia, Japan, and Mexico.
*Translated by Gabriel Pomerancblum
