GDP growth in G20 area picks up slightly in the first quarter of 2019

12-Jun-2019

Real gross domestic product (GDP) in the G20 area grew by 0.8% in the first quarter of 2019, slightly above the previous quarter’s 0.7%, according to provisional estimates.

GDP growth rebounded in Turkey to 1.3% in the first quarter of 2019, following a strong contraction of 2.4% in the previous quarter. Growth also increased in Germany (to 0.4%, from 0.0%), in the United States (to 0.8%, from 0.5%), the United Kingdom (to 0.5%, from 0.2%), Australia (to 0.4%, from 0.2% in the previous quarter), Italy (to 0.1% after a contraction of 0.1%) and, more moderately, in Japan (to 0.6%, from 0.5%).

GDP growth was stable in Indonesia and Canada (at 1.2% and 0.1%, respectively).

GDP growth slowed significantly in South Africa and Korea (contracting by 0.9 % and 0.4%, respectively, compared with positive rates of 0.3% and 0.9% in the previous quarter), and more moderately in Brazil and Mexico (minus 0.2% in both countries, from 0.1% and 0.0%, respectively). GDP growth decelerated marginally in China and India (to 1.4%, from 1.5%, in both countries) and in France (to 0.3%, from 0.4%).

Year-on-year GDP growth for the G20 area was stable at 3.3% in the first quarter of 2019, with China recording the highest growth (6.4%) and Turkey the lowest (minus 2.8%). Year-on-year GDP growth for the OECD area was also stable, at 1.8%.

Technical note for G20 GDP News Release: G20 GDP growth in volume 

Gross Domestic Product (GDP) is the standard measure of the value of the goods and services produced by a country during a reference period. The estimate of GDP growth for the G20 aggregate is produced by the OECD Secretariat. It is based on quarterly seasonally adjusted data reported by G20 countries and Eurostat, and, if country data are not available, on estimates from the OECD’s Secretariat.

Country notes

The statistical data in this publication are supplied by and under the responsibility of the relevant statistical authorities. The use of such data by the OECD is without prejudice to the status of or sovereignty over any territory, or to the delimitation of international frontiers and boundaries. 

China – China is part of the G20 aggregate for all quarters. Data shown in the tables correspond to official figures from the National Bureau of Statistics of China (NBS). Quarterly data used to compile the G20 aggregate are based on estimates from the OECD’s Economics Department, which are not shown in the tables. 

Russian Federation – The Russian Federal State Statistics Service (Rosstat) has implemented the 2008 SNA in its System of National Accounts in the beginning of April 2016 and since July 2017 it has released time series according to the 2008 SNA back to 2011.

Saudi Arabia – Data is compiled by the "General Authority for Statistics, Kingdom of Saudi Arabia" and provided to the OECD by the IMF. 

The seasonally adjusted data includes a working-day correction for all G20 countries except Argentina, Brazil, China, India, Indonesia, Saudi Arabia and South Africa. When seasonally adjusted national data are not available, data are adjusted by the OECD’s Statistics Directorate with the TRAMO/SEATS method; this is the case for Argentina, India, Indonesia and Saudi Arabia. Figures for the G20 aggregate are calculated from seasonally adjusted data of the countries (i.e. the indirect method). Growth over the previous quarter is not annualised in this News Release. The charts presented in this News Release are based on data with more than one decimal. 

Growth rates for the G20 are derived from chained volume estimates in US dollars converted using 2010 Purchasing Power Parities (PPPs) of GDP. 

Implementation of SNA 2008 / ESA 2010 methodology 

Quarterly national accounts data are compiled according to the new SNA 2008 / ESA 2010 standards by all the countries in the G20 area except Saudi Arabia.

Find more information on the change of methodology and its impact on GDP at the following link: http://www.oecd.org/sdd/na/sna-2008-main-changes.htm

Country coverage

The G20 consists of the following: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.

The G20 aggregate is calculated taking the fifteen individual country members of the G20 (other than France, Germany, Italy and the United Kingdom) plus the European Union as an aggregate.

Further information

Further methodological information can be downloaded from: http://www.oecd.org/sdd/na/G20QuarterlyGDPGrowth_Methodology.pdf