G20 economic growth slightly accelerates to 0.7% in 3rd quarter

By Tuba Ongun

The Group of 20 nations saw their cumulative GDP growth rate accelerating to 0.7% in the third quarter of 2023, compared to the previous quarter, according to provisional data released on Thursday.

The figure was slightly up from 0.6% in the second quarter of this year, the Organization for Economic Cooperation and Development (OECD) data showed.

Growth gained momentum in China and the US, both to 1.3% in July-September compared to 0.5% in April-June.

Mexico saw its economic growth climb to 1.1% in the three months through September, from 0.9% in the previous period.

In Italy, growth rebounded to 0.1% in the third quarter, shifting from a contraction of 0.4% in the second quarter.

Korea’s economy grew 0.6% quarter-on-quarter in July-September, stable compared to April-June.

In contrast, growth weakened in the remaining G20 countries, in particular in Saudi Arabia and Türkiye, said the OECD.

Led by a strong drop in oil activities, Saudi Arabia's GDP shrank 3.2% in the 3-month period, worsening from 0.5% contraction in the second quarter.

Turkish economic growth slowed to 0.3% in the third quarter, following 3.3% quarterly growth in the previous period, and reflected a decrease in private consumption.

After a rise in the previous quarter, Japan’s GDP shrank 0.7%, as did Canada's 0.3%, South Africa's 0.2%, and France's and Germany's, both losing 0.1%.

On an annual basis, GDP in the G20 area rose 2.9% in the third quarter, easing from 3.6% in the second quarter.

Among G20 economies, India saw the highest growth over the last four quarters with 7.0%, while Saudi Arabia had the largest fall with 3.6%.