GDP contracted in the UK and Germany by 0.2% and 0.1%, respectively, in the second quarter, compared with rises of 0.5% and 0.4% in the previous quarter. GDP growth also decreased in Turkey to 1.2%, from 1.6%, India to 1.0%, from 1.3%, the US to 0.5%, from 0.8%, Japan to 0.3%, from 0.5%, Italy to 0.0%, from 0.1%, and the EU to 0.2%, from 0.5%.

In addition, GDP growth was stable in Australia, France and Russia, at 0.5%, 0.3% and 0.2%, respectively.

GET THE SAFETY4SEA IN YOUR INBOX!

On the other hand, GDP growth showed a strong increase in South Africa and Korea, to 0.8% and 1.0%, respectively, after contractions of 0.8% and 0.4% in the previous quarter.

Growth was also positive in Brazil and Mexico, to 0.4% and 0.1%, respectively, from minus 0.1% and minus 0.2%.

In addition, GDP growth grew at a significant rate in Canada, to 0.9%, from 0.1%, and more moderately in China, to 1.6%, from 1.4%, and Indonesia to 1.3%, from 1.2%.

Moreover, year-on-year GDP growth for the G20 area fell to 2.9% in the second quarter of 2019, compared with 3.1% in the previous quarter, with China recording the highest growth with 6.2%, and Turkey the lowest with minus 1.4%.

Finally, year-on-year GDP growth for the OECD area also reduced marginally to 1.6% from 1.7%.

gdp on volume

Credit: OECD

Explore more in the PDF herebelow