Home / Knowledge / News / Textiles / G20 GDP returns to pre-pandemic level in Q1 2021: OECD

G20 GDP returns to pre-pandemic level in Q1 2021: OECD

12
Jun '21
Pic: Shutterstock
Pic: Shutterstock
Gross domestic product (GDP) of the Group of 20 (G20) area returned to pre-pandemic level in the first quarter (Q1) of 2021, growing by 0.8 per cent compared with the fourth quarter of 2020, according to the Organisation for Economic Cooperation and Development (OECD), which said this figure, however, conceals large differences across countries.

Among the G20 economies, India, Turkey and China, whose GDP was already above pre-pandemic levels in the previous quarter, continued their recovery, by 2.1 per cent, 1.7 per cent and 0.6 per cent respectively in Q1 2021 (after 9.3 per cent, 1.7 per cent and 2.6 per cent in Q4 2020).

GDP in Australia, South Korea and Brazil also returned to pre-pandemic levels in Q1 2021, with GDP growing by 1.8 per cent, 1.7 per cent and 1.2 per cent respectively, OECD said on its website.

For the remaining G20 economies, GDP is still lagging behind pre-pandemic levels, with countries recording diverging developments in the first quarter of 2021. While GDP growth accelerated in the United States (to 1.6 per cent, after 1.1 per cent in Q4 2020) and Italy (to 0.1 per cent, following a contraction of 1.8 per cent), growth slowed in Indonesia (to 1.6 per cent, after 2.3 per cent), Canada (to 1.4 per cent, after 2.2 per cent), South Africa (to 1.1 per cent, after 1.4 per cent) and Mexico (to 0.8 per cent, after 3.2 per cent).

Growth even turned negative in Germany (minus 1.8 per cent, after 0.5 per cent growth), the United Kingdom (minus 1.5 per cent, after 1.3 per cent growth), Japan (minus 1 per cent, after 2.8 per cent growth) and Saudi Arabia (minus 0.1 per cent, after 2.5 per cent growth).

In France, GDP continued to contract for the second consecutive quarter, although at a slower pace (minus 0.1 per cent, after minus 1.5 per cent). Overall, the United Kingdom and Italy recorded the largest gaps to pre-pandemic GDP levels, at minus 8.7 per cent and minus 6.4 per cent respectively, but Germany, France, the euro area and the European Union also recorded gaps of more than 4 per cent.

Year-on-year GDP growth of the G20 area rebounded to 3.4 per cent in Q1 2021, following a contraction of 0.7 per cent in the previous quarter. Among G20 economies, China, which was affected by COVID-19 at an earlier stage than other countries, recorded the highest annual growth (18.3 per cent), while the United Kingdom recorded the largest annual fall (minus 6.1 per cent).

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 22nd Sep 2021

Bangladesh RMG exporters fear losses due to problems at airport

Apparel exporters in Bangladesh are expecting significant losses for...

Pic: Shutterstock

Textiles | On 22nd Sep 2021

Ukraine wants to purchase textile products from Uzbekistan

A business delegation from Ukraine’s Khmelnitsky recently expressed...

Pic: Shutterstock/ Sheila Fitzgerald

Textiles | On 22nd Sep 2021

India to be 3rd largest importer by 2050: UK Global Trade Outlook

India will turn the third largest importer by 2050 with a share of...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Luxury is not just about high prices but ability to create desire

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Sanjay Vakharia,

Sanjay Vakharia

One of the first few Indian denim brands, Spykar, established in 1992, was ...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by <b>Aprajita Toor</b> were born out of a deep desire to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search