Economic growth for the G20 downshifted slightly in the second quarter, according to new data from the Organization for Economic Cooperation and Development (OECD).
The OECD reported that GDP growth in the G20 came in at 0.7% on a quarter-over-quarter basis, down a bit from 0.8% in the previous quarter.
On an annual basis, G20 growth came in at 3.1%, down slightly from 3.2% in the first quarter.
The U.S., along with China and India, drove G20 growth in the second quarter, the group said, with U.S. growth accelerating to 0.7% in the quarter, up from 0.4% in the first three months of the year.
China recorded 0.7% growth too, while India’s output rose by 1.3%.
Additionally, the OECD noted that “Japan saw a significant recovery” in the second quarter, as it reversed a 0.6% contraction in the first quarter and recorded a 0.7% expansion.
“The remaining G20 countries experienced weaker growth than the G20 as a whole,” it said. Korea and Germany both recorded economic contractions in the second quarter, it added.
Canada generated 0.5% growth, while European GDP overall was up just 0.2%, compared with 0.3% in the previous quarter.