The Strategist

G20 GDP growth slows to 0.7% in Q2

09/15/2023 - 06:44

The Organization for Economic Cooperation and Development (OECD) said that the second quarter of 2023 saw a 0.7% growth in the GDP of G20 nations compared to the first quarter.

Paul Kagame
Paul Kagame
As a result, economic growth decreased from the first quarter's revised 1% growth rate.

According to the research, China's slowdown was mostly to blame for the deterioration of the recovery rate. After growing by 2.2% over the previous three months, the country’s GDP grew by 0.8% from April to June.

Brazil's and India's economic recovery also slowed (to 0.9% from 1.8% in the first quarter and 1.9% from 2.1% respectively).

The second quarter saw no change for either Canada or the European Union, respectively, after gains of 0.6% and 0.2% in the preceding three months. Saudi Arabia's GDP fell by 0.1%, while Italy's fell by 0.4%.

The Turkish economy expanded by 3.5% from April to June after contracting by 0.1% in the first quarter. France, Japan, South Korea, South Africa, and the UK all saw faster growth rates. Russia was excluded from the rating.

In the second quarter, the G20 countries' GDP volume was 8.8% higher than its pre-pandemic level (fourth quarter 2019). The UK economy, however, is still below its pre-pandemic level.