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New G20 measure shows slower global growth in 2011

14 March 2012, 16:33 CET
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(BRUSSELS) - New combined figures for the Group of 20 major and emerging economies worldwide put growth sharply down over the last year, the European Union said Wednesday.

"Quarterly GDP growth in the G20 slowed to 0.7 percent in the fourth quarter of 2011, compared with 0.9 percent in the third quarter," the EU's Eurostat data agency said citing provisional results.

"In 2011 as a whole, G20 GDP rose by 2.8 percent, a marked deceleration compared with the 5.0 percent growth recorded in 2010," it added.

The G20 groups 19 countries as well as the EU taken as a whole: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States.

The figures are calculated drawing on data from the International Monetary Fund, the Bank for International Settlements, the European Central Bank, the Organisation for Economic Co-operation and Development, the United Nations and the World Bank.

Quarterly updates will in future be released by the Paris-based OECD.

US figures show an increase in growth in the fourth quarter of 2011 to the median 0.7 percent, but a fall in EU and eurozone growth to 0.3 percent -- a first drop since mid-2009.

Economic output also fell in China, to 2.0 percent, and slipped into negative territory in Japan with a 0.2-percent drop, although it accelerated in India and Indonesia.

G20 GDP growth slows to +0.7% in the fourth quarter of 2011 [Eurostat]


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