G20 countries' GDP rises 0.7% in Q3 2023

The economic performance among the G20 nations was inconsistent. Notably, China and the US experienced strengthened growth, with both countries seeing their GDP growth rise to 1.3 per cent, a significant jump from 0.5 per cent in the preceding quarter. Mexico also showed an upward trend with its GDP growing to 1.1 per cent in Q3 from 0.9 per cent in Q2. Italy, recovering from a previous contraction, marked a growth of 0.1 per cent in Q3 after a decline of 0.4 per cent in Q2. South Korea maintained a stable growth rate at 0.6 per cent, OECD said in a press release.

However, the growth trajectory was not uniform across all G20 countries. Saudi Arabia and Turkiye, in particular, exhibited weakening economic growth. Saudi Arabia’s GDP contracted sharply by 3.2 per cent in Q3, following a 0.5 per cent contraction in Q2, mainly due to a significant decrease in oil activities. Turkiye experienced a slowdown in growth to 0.3 per cent in Q3, compared to 3.3 per cent in Q2, attributed largely to a decline in private consumption which fell by 1.7 per cent.

Other G20 countries like Japan, Canada, South Africa, France, and Germany also faced contractions in their GDP. Japan’s GDP declined by 0.7 per cent, Canada by 0.3 per cent, South Africa by 0.2 per cent, and both France and Germany saw a decrease of 0.1 per cent. Brazil’s growth rate slowed to 0.1 per cent in Q3 from 1.0 per cent in Q2, with similar marginal slowdowns observed in Australia, India, Indonesia, the UK, and the European Union.

On a year-over-year basis, the G20 area’s GDP growth was 2.9 per cent in Q3, a decrease from 3.6 per cent in the previous quarter. India recorded the highest growth among the G20 economies over the last four quarters at 7.0 per cent, while Saudi Arabia experienced the largest fall with a 3.6 per cent decline.

Fibre2Fashion News Desk (DP)