G20 gross domestic product accelerated by 0.7% in the third quarter of this year, according to the Organization for Economic Co-operation and Development, which released its interim quarterly estimates on Thursday. In a press release, the OECD reported the mixed economic performance of G20 countries in the third quarter, with the economies of China and North America showing the highest growth.
The GDP growth of the G20 countries accelerated by 0.7% in the third quarter of this year, according to the Organization for Economic Cooperation and Development, which issued its interim quarterly estimates this Thursday.
In a press release, the intergovernmental organization reported on the mixed economic performance of the G20 countries in the third quarter, with the economies of China and North America showing the highest growth.
In a sequential analysis, there is a slight increase at stake compared to the 0.6% recorded between April and June 2023.
In terms of economies, China and the United States both recorded an increase in GDP of 1.3%; In the previous quarter, both countries recorded growth of 0.5%. The Mexican economy expanded 1.1% in the third quarter, higher than the 0.9% recorded between April and June. Turning to Europe, the Italian economy recovered to 0.1% in the third quarter, after contracting by 0.4% in the second quarter.
The economies of the remaining G20 countries contracted in the period under review. Saudi Arabia’s GDP contracted by 3.2% in the third quarter, as a result of the sharp decline in oil activities. In the previous quarter, the only Arab economy in the G20 recorded a decline of 0.5%.
In the case of Turkey, which witnessed positive growth, the economy slowed to 0.3% in the third quarter due to a decline in private consumption, which fell by 1.7% compared to an increase of 4.7% in the second quarter.
Also according to the OECD, after recording growth between April and June, the economies of Japan (-0.7%), Canada (-0.3%), South Africa (-0.2%), France (-0.1%) and Germany (-0.1). %) showed a negative change. In Brazil, GDP slowed to 0.1% in the third quarter, after rising 1.0% in the second quarter.
According to the OECD, G20 GDP showed year-on-year growth of 2.9% between July and September, lower than 3.6% in the previous quarter.
India recorded the largest growth in the last four quarters (7.0%), while Saudi Arabia recorded the largest decline (-3.6%).
“Hardcore alcohol maven. Hipster-friendly analyst. Introvert. Devoted social media advocate.”
