G20 economic growth slows in 2012

G20 leaders
G20 leaders discussed measures to encourage economic growth at their summit in June
The G20 group of leading world economies has reported slower growth in the three months ending in June.
National output as measured by GDP grew at an annual rate of 3% in the second quarter compared with 3.2% in the first quarter, official data showed.

But, economic health varied with China's output growing 7.6% and Italy's shrinking 2.6% due to recession.
Taking global population growth into account, G20 output is effectively stagnating.

The G20 data was compiled by the Organisation of Economic Cooperation and Development (OECD).
Officials from the world's 19 leading economies and the European Union are meeting in Mexico City for talks.

They are under particular pressure to act to moderate the impact of high food prices on households whose incomes are stagnating and shrinking due to the economic slowdown.

Drought has reduced harvests in North America whilst Russian grain exports have also fallen, pushing up global prices.


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