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National accounts

G20 GDP Growth - third quarter of 2023, OECD

 

G20 GDP growth sees little change in the third quarter of 2023

 

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14 Dec 2023 - Gross domestic product (GDP) in the G20 area grew by 0.7% quarter-on-quarter in the third quarter of 2023 according to provisional estimates, slightly up from 0.6% in the previous quarter (Figure 1).

The economic performance of G20 countries was mixed in the third quarter. Growth strengthened in China and the United States,[1] with both countries recording an increase in GDP growth to 1.3% compared with 0.5% in the previous quarter. Growth also increased in Mexico, to 1.1% in Q3, compared with 0.9% in Q2. In Italy, growth recovered to 0.1% in Q3, following a contraction of 0.4% in Q2. Growth remained stable at 0.6% in Korea.

Growth weakened in the remaining G20 countries, in particular in Saudi Arabia and Türkiye. In Saudi Arabia, GDP contracted by 3.2% in Q3, following a 0.5% contraction in Q2. This was due to a strong decrease in oil activities.[2] In Türkiye growth was positive but slowed to 0.3% in Q3, compared with 3.3% in Q2. The slowdown mainly reflected a decrease of private consumption, falling by 1.7%, compared with a 4.7% increase in Q2. After rising in the previous quarter, GDP contracted in Japan (-0.7%), Canada (-0.3%), South Africa (-0.2%), France (-0.1%), and Germany (-0.1%). Growth also slowed in Brazil (to 0.1% in Q3 from 1.0% in Q2), and more marginally in Australia, India, Indonesia, the United Kingdom, and the European Union.

Compared with the same quarter of the previous year, GDP in the G20 area grew by 2.9% in Q3, down from 3.6% in the previous quarter. Among G20 economies, India recorded the highest growth over the last four quarters (7.0%), while Saudi Arabia recorded the largest fall (-3.6%). 

 Visit the interactive OECD Data Portal to explore this data.

 

 

[1] China’s nominal GDP represented 23.2% of G20 GDP in 2021 while the United States’ nominal GDP represented 19.7% (see Annex table 1 in the methodological note).

[2] Oil activities in Saudi Arabia refer to crude oil, natural gas and refining activities.. 

 

 

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@OECD_STAT

 

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