G20 GDP growth slows in final quarter of 2011

GDP growth for the G20 countries slowed during the final quarter of 2011, with “diverging patterns among the world’s largest economies”.

Growth slowed to 0.7% during the final three months of the year, down from 0.9% in the third quarter, according to the Inter Agency Group on Economic and Financial Statistics.

As as a whole, G20 GDP rose by 2.8% during 2011, dropping from the 5% growth reported in 2010.

The US economy grew by 0.2% to 0.7% between the third and fourth quarters,  while both India and Indonesia grew strongly.

However, a slowdown in the Chinese and Japanese economies were reported, while the eurozone and EU27 areas both saw GDP fall by 0.3% in the final quarter.

The Inter Agency Group comprises of the International Monetary Fund, Bank for International Settlements, European Central Bank, Eurostat, OECD, United Nations and the World Bank.