Non-European growth props up G20 figures

 
Julian Harris
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THE G20 countries saw their economies grow by 0.5 per cent in the final three months of last year, as growth outside Europe offset weakness on the troubled continent.

GDP in the group of 20 influential states rose 0.5 per cent in the fourth quarter of 2012, data from the Organisation for Economic Co-operation and Development said.

Among the G7, all European countries – Italy, Germany, France and the UK – experienced economic contraction in the last quarter.

Outside Europe, G20 states such as China, Indonesia and India recorded the sharpest expansions, at two per cent, 1.5 per cent and 1.3 per cent in their respective economies.

Brazil and Australia grew at a healthy 0.6 per cent during the quarter, while Mexico’s GDP was up by 0.8 per cent.

Earlier this month Brussels’ stats office published its second estimate showing that the beleaguered single currency area was hit by another 0.6 per cent contraction in the final three months of last year.

The Eurozone is expected to record another quarter of contraction at the start of this year.