Daily Management Review

G20 GDP growth accelerates to 0.7% in Q3


In the third quarter of 2023, the economies of the G20 countries grew by 0.7% in comparison to the prior three months, as per an early report released by the Organization for Economic Co-operation and Development (OECD).

Paul Kagame
Paul Kagame
GDP growth increased in contrast to the revised 0.6% growth in the second quarter.

The report's authors observe that the state of the G20 countries' economies during the most recent quarter was diverse.

Specifically, GDP growth picked up speed in China and the US, rising from 0.5% to 1.3% on a quarter-over-quarter basis. Mexico's GDP expanded 1.1% following a 0.9% increase in the previous quarter, while Italy's economy resumed growth of 0.1% following a 0.4% contraction in the previous quarter.

The economy of South Korea expanded by 0.6%, same as it did the quarter before.

The situation worsened in the remaining G20 states. Because of this, GDP growth in Turkey slowed to 0.3% from 3.3% and in Saudi Arabia it accelerated to 3.2% from 0.5%, primarily as a result of declining consumer spending.

source: reuters.com