Michelle ThompsonAnnual GDP growth in the G20 area was 2.9% in July-September, down from 3.6% in April-June, according to figures from the international organization.
According to preliminary statistics released on Thursday, the Group of 20 nations’ cumulative GDP growth rate increased to 0.7% in the third quarter of 2023, compared to the previous quarter.
According to figures from the Organization for Economic Cooperation and Development (OECD), the figure was slightly higher than 0.6% in the second quarter of this year.
China and the United States both increased their growth rates to 1.3% in July-September, up from 0.5% in April-June.
Mexico’s economy grew by 1.1% in the three months to September, up from 0.9% in the previous period.
In Italy, growth rebounded to 0.1% in the third quarter after contracting by 0.4% in the second.
Korea’s economy gained 0.6% quarter on quarter from July to September, remaining constant from April to June.
According to the OECD, growth in the remaining G20 countries, particularly Saudi Arabia and Turkey, has slowed.
Saudi Arabia’s GDP declined 3.2% in the third quarter, worsening from a 0.5% contraction in the second quarter, owing to a sharp reduction in oil activity.
Turkish economic growth dropped to 0.3% in the third quarter, down from 3.3% the previous quarter, reflecting a decline in private consumption.
Following a 0.7% increase in the previous quarter, Japan’s GDP fell 0.7%, as did Canada’s 0.3%, South Africa’s 0.2%, and France’s and Germany’s, each of which fell 0.1%.
GDP in the G20 region increased 2.9% year on year in the third quarter, down from 3.6% in the second quarter.
Among G20 economies, India experienced the highest growth rate of 7.0% over the last four quarters, while Saudi Arabia experienced the greatest dip of 3.6%.
