According to provisional estimates from the Organisation for Economic Co-operation and Development (OECD) gross domestic product (GDP) in the G20 area grew by 0.7% quarter-on-quarter in the third quarter of 2023, slightly up from 0.6% in the previous quarter.

The economic performance of G20 countries was mixed in the third quarter. Growth strengthened in China and the United States, with both countries recording an increase in GDP growth to 1.3% compared with 0.5% in the previous quarter.

Growth also increased in Mexico, to 1.1% in Q3, compared with 0.9% in Q2. In Italy, growth recovered to 0.1% in Q3, following a contraction of 0.4% in Q2. Growth remained stable at 0.6% in Korea.

Growth weakened in the remaining G20 countries, in particular in Saudi Arabia and Trkiye. In Saudi Arabia, GDP contracted by 3.2% in Q3, following a 0.5% contraction in Q2. In Trkiye growth was positive but slowed to 0.3% in Q3, compared with 3.3% in Q2.

After rising in the previous quarter, GDP contracted in Japan (-0.7%), Canada (-0.3%), South Africa (-0.2%), France (-0.1%), and Germany (-0.1%). Growth also slowed in Brazil (to 0.1% in Q3 from 1.0% in Q2), and more marginally in Australia, India, Indonesia, the United Kingdom, and the European Union.

Compared with the same quarter of the previous year, GDP in the G20 area grew by 2.9% in Q3.

Source: OECD

 

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