OECD: Turkey outperforms G-20 economies

Turkey recorded the strongest GDP growth among OECD G-20 economies in the second quarter with 2.1 percent

OECD: Turkey outperforms G-20 economies

Turkey recorded the strongest gross domestic product (GDP) growth among OECD G-20 economies in the second quarter with 2.1 percent, according to new data released by the Organization for Economic Cooperation and Development (OECD) on Thursday. The average growth for G-20 economies in the second quarter stood at 0.9 percent while the quarter one average was 0.6 percent.

According to the data, Korea came in second after Turkey with 1.1 percent growth in the same quarter. Turkey's growth in the previous quarter was 1.5 percent while Korea's was 0.8 percent. The report suggests GDP growth has accelerated in most of the world's largest economies but has slowed marginally in Canada and Japan and significantly in Mexico.

GDP growth grew by 0.7 percent and 0.6 percent, respectively, in the United Kingdom and the United States, compared with 0.3 percent in the previous quarter. In Germany, the GDP went up by 0.7 percent, remaining flat compared to the previous quarter while the GDP in France grew by 0.5 percent, “rebounding from a contraction of 0.2 percent in the previous quarter,” the report said.

In the meantime, GDP growth in Japan decreased to 0.9 percent while the Canadian GDP also slowed marginally by 0.5 percent. In Mexico, the GDP fell by 0.7 percent, its first contraction since the second quarter of 2009.

However, growth in Brazil increased from 0.6 percent to 1.5 percent, in South Africa from 0.2 percent to 0.8 percent, in India from 0.4 percent to 0.6 percent and in China from 1.6 percent to 1.7 percent. GDP growth in Indonesia remained stable at 1.4 percent.

In addition, the news report said “when compared with the same quarter of 2012, GDP for the G-20 area expanded by 2.6 percent in the second quarter of 2013, up from 2.2 percent in the previous quarter.”

Cihan

Last Mod: 12 Eylül 2013, 22:36
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