Growth of real gross domestic product (GDP) in the G20 area eased to 0.8% in the third quarter of 2018, compared with 1.0% in the previous quarter, according to provisional estimates.
GDP contracted in four G20 countries in the third quarter of 2018, following growth in the previous quarter. Turkey recorded the sharpest contraction (minus 1.1%), on the back of the Lira’s significant depreciation in August, followed by Japan (minus 0.6%, compared with 0.7% in the previous quarter), Germany (minus 0.2%, compared with 0.5%) and Italy (minus 0.1%, compared with 0.2%). GDP growth slowed in a majority of the remaining G20 economies for which data are available. Growth slowed significantly in Australia (to 0.3%, from 0.9%), and, to a lesser extent, in India (to 1.5%, from 1.8%), Canada (to 0.5%, from 0.7%), Russia (to 0.3%, from 0.5%), China (to 1.6%, from 1.7%) and the United States (to 0.9, from 1.0%). It also slowed in the European Union (to 0.3%, from 0.5%). On the other hand, growth rebounded in Mexico and South Africa, to 0.8% and 0.6%, respectively in the third quarter of 2018, following a contraction of 0.1% in the previous quarter in both countries. Growth also picked-up significantly in Brazil (to 0.8%, from 0.2%), and, to a lesser extent, in the United Kingdom (to 0.6%, from 0.4% in the previous quarter, albeit latest estimates for the UK for October point to a slowdown from Q3) and France (to 0.4%, from 0.2%). GDP growth was stable in Indonesia (1.3%) and Korea (0.6%). Year-on-year GDP growth for the G20 area slowed to 3.6% in the third quarter of 2018 (from 3.8% in the previous quarter), with India recording the highest growth (7.2%) and Japan the lowest (0.1%).
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