G20 countries record slight growth in GDP by 3rd quarter: OECD
(L-R) National flags of Brazil, South Africa, Argentina, Canada, the European Union, Germany, Italy, Mexico, Russia, Türkiye, and the United States are seen at the media center in the MAM Modern Art Museum ahead of the G20 Summit in Rio de Janeiro, Brazil, on Nov. 17, 2024. (AFP Photo)
The GDP of G20 economies expanded by 0.7% quarter-on-quarter, recording stable growth, OECD reports.
This marked a slight uptick from the second quarter’s 0.6% growth, as some economies surged ahead while others faced headwinds.
India and Indonesia continued to be growth powerhouses, posting robust quarterly growths of 1.1% and 1.2%, respectively. Mexico stood out with a sharp acceleration, jumping to 1.1% in July-September from 0.4% in April-June.
China also delivered a stronger performance, with its economy growing by 0.9% in the third quarter versus 0.5% in the second quarter.
GDP growth in the U.S. was constant at 0.7%, further solidifying its role as a key contributor to global growth.
In Europe, Germany rebounded by 0.1% in the three months to September, from a contraction of 0.3% in the prior period. The GDP in France rose by 0.4% compared to 0.2% in the second quarter.
Over in Asia, South Korea managed a similar recovery, moving from a 0.2% contraction to 0.1% growth.
Despite these gains, some countries faced slowdowns. Brazil and Saudi Arabia saw their growth rates dip from 1.4% to 0.9%, while the U.K. posted a sharp decline to 0.1%, down from 0.5% in the previous three-month period.
Türkiye and South Africa recorded GDP contractions of 0.2% and 0.3%, respectively.
Annual highlights
On a yearly basis, GDP in the G20 area increased by 2.8% in the third quarter, slightly from 3% in the previous quarter. India led the pack with a stellar 5.8% growth rate, followed by Indonesia at 5.0%.
In contrast, Germany struggled, reporting a 0.3% contraction year-on-year, the largest decline among G20 economies.
