India sees strongest growth in Jan-Mar period, better than China: OECD

Indian economy saw the "strongest growth" in the first quarter of 2015 among large economies, including China, the US, Germany and Canada, according to Paris-based think tank OECD.

Indian economy saw the "strongest growth" in the first quarter of 2015 among large economies, including China, the US, Germany and Canada, according to Paris-based think tank OECD.

Data compiled by the Organisation for Economic Cooperation and Development (OECD) showed that overall GDP growth in the G-20 area was slightly lower at 0.7% during the January-March period. In the 2014 December quarter, the region had seen an overall expansion of 0.8%.

"India recorded the strongest growth in the first quarter of 2015 (2.1%, up from 1.4% in the previous quarter)," it said in a statement today.

OECD's quarterly GDP numbers for G-20 countries have been calculated based on a new methodology.

As per the grouping, Canadian, American and Brazilian economies contracted in the first three months of this year.

"Among G20 economies, GDP contracted in Canada (by 0.1%), the US (by 0.2%), and Brazil (by 0.2%), following positive growth of 0.6%, 0.5% and 0.3%, respectively, in the previous quarter," the statement said.

Growth rate fell in South Africa to 0.3% and in Mexico to 0.4% in first quarter. Similarly in Germany and the UK, economic expansion declined to 0.3%.

"In China and Indonesia, GDP growth slowed slightly (to 1.3% and 1.1%, respectively, compared with 1.5% and 1.2%, respectively, in the previous quarter)," the statement said.

Apart from India, economic growth rose in Turkey, Japan, Australia and Korea.

"GDP growth also accelerated in Turkey (to 1.3%, compared with 0.8% in the previous quarter), in Japan and Korea (to 1% and 0.8%, respectively, compared with 0.3%), and in Australia (to 0.9%, compared with 0.5%).

"Within the European group of G20 economies, economic growth accelerated in France and Italy (to 0.6% and 0.3%, respectively)," the statement said.