G20 economic growth steady at 0.7% in 3rd quarter

By Tuba Ongun

The G20 economies maintained stable growth in the third quarter of this year, with GDP expanding by 0.7% quarter-on-quarter, according to data released Thursday.

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 US was constant at 0.7%, further solidifying its role as a key contributor to global growth.

In Europe, German economy 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 UK 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.