China and India lead growth pickup in G20

Tim Wallace
Follow Tim
THE WORLD’S biggest economies accelerated in the third quarter, led by strong increases in growth for India and China, the Organisation for Economic Co-operation and Development (OECD) said yesterday.

The G20 nations’ economic growth picked up from 0.6 per cent in the first quarter and 0.8 per cent in the second quarter to 0.9 per cent in the third quarter.

On the year, the economies grew by 2.9 per cent compared with the same period of 2012.

China led the way with growth of 2.2 per cent in the third quarter, up from 1.9 per cent in the second.

And India accelerated sharply from one per cent to 1.9 per cent.

Meanwhile the UK picked up to record growth of 0.8 per cent, while the US expanded by 0.9 per cent.

However, some regions slowed down in the quarter.

The Eurozone’s GDP growth slowed from 0.4 per cent in the second quarter to 0.2 per cent in the third, and remains 0.4 per cent smaller than it was a year earlier.

And Brazil’s economy also shrank in the quarter, falling 0.5 per cent in the three-month period, partly reversing the 1.8 per cent growth in the previous quarter.