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G20 GDP growth slows to 0.7% in the second quarter of 2023

14 September 2023 –Gross domestic product (GDP) in the G20 area grew by 0.7% quarter-on-quarter in the second quarter of 2023 according to provisional estimates, down from 1.0% in the previous quarter.

The slowdown in the G20 area in Q2 2023 mainly reflected a deceleration of the economy in China, where GDP growth slowed to 0.8% compared with 2.2% in the previous quarter. A decline in G20 merchandise trade in Q2 2023 also contributed to the G20 economic slowdown.

Growth also slowed in Brazil (to 0.9% in Q2, compared with 1.8% in Q1) and to a lesser extent in India (to 1.9%, compared with 2.1%). In Canada and the European Union, zero growth was recorded in Q2 2023, after GDP grew by 0.6% and 0.2% respectively in the previous quarter. Furthermore, GDP decreased in Italy (by 0.4% in Q2 2023), as well as in Saudi Arabia (by 0.1%).




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