OECD economy expands 1.7% in 2023, G20 3.2%

By Gokhan Ergocun

ISTANBUL (AA) - Gross domestic product in the Organization for Economic Cooperation and Development (OECD) area was up 1.7% in 2023 on a yearly basis, according to official new figures.

OECD data showed on Wednesday that the annual GDP growth rate was down from 2.9% in 2022.

In the G20, the GDP growth rate was at 3.2% in the fourth quarter, unchanged from 2022.

Among G20 countries, the highest annual economic growth rates in 2023 were seen in India with 7.7%, China with 5.2%, and Türkiye with 4.5%.

The Saudi and German economies posted contractions, with 0.8% and 0.3%, respectively.

In the last quarter of 2023, the GDP growth rate was 1.7% in the OECD and 3.2% in the G20 area, on a yearly basis.

On a quarterly basis, the OECD economy expanded 0.3% and the G20 0.7%.