Daily Management Review

G20 GDP growth slows to 0.7% in Q4


According to the Organization for Economic Cooperation and Development's (OECD) preliminary assessment, the G20 countries' economy grew by 0.7% in the fourth quarter of 2023 compared to the preceding three months.

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As a result, GDP growth decreased from the third quarter's revised 0.8% growth rate.

The report's authors observe that the state of the G20 countries' economies during the most recent quarter was diverse. As a result, growth in the US (to 0.8% from 1.2%), Mexico (to 0.1% from 1.1%), and China (to 1% from 1.5% in the third quarter) all decreased. Germany's GDP shrank by 0.3% (without changing from July to September), whereas the UK's GDP shrank by 0.3% (after a 0.1% decline).

Turkey's economic recovery, however, picked up speed in October–December, rising from 0.3% in the third quarter to 1%. Canada and Japan resumed growth (up 0.2% and 0.1%, respectively) after declining from July to September (down 0.1% and 0.8%, respectively).

The GDP of Saudi Arabia shrank by 0.6% following a 2.3% decrease in the third quarter.

The G20 economies expanded at an annualized pace of 3.2% in the fourth quarter.

The G20 GDP increased by 3.2% overall in 2023, same as it did the previous year. Concurrently, the growth rates of the OECD's member nations decreased from 2.9% to 1.7%.

source: oecd.org