G20 GDP growth continues at a steady pace in the fourth quarter of 2023

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Gross domestic product (GDP) in the G20 area grew by 0.7% quarter-on-quarter in the fourth quarter of 2023 according to provisional estimates, slightly down from 0.8% in the previous quarter (Figure 1).

The economic performance of G20 countries was mixed in Q4 2023. GDP growth weakened in China (to 1.0% in Q4 compared with 1.5% in Q3) and the United States (to 0.8% in Q4 compared with 1.2% in Q3).^[1] In Mexico, GDP growth fell from 1.1% in Q3 2023 to 0.1% in Q4. GDP growth slowed slightly in Australia and turned negative in Germany and the United Kingdom (-0.3% in Q4 in both countries).

GDP growth accelerated in the remaining G20 countries, most notably in Türkiye (to 1.0% in Q4 compared with 0.3% in Q3) and recovered in Canada and Japan after contractions in the previous quarter. In Saudi Arabia, GDP contracted, but by much less than the previous quarter (-0.6% in Q4 compared with -2.3% in Q3). Growth remained unchanged from Q3 in Indonesia (1.2%), Korea (0.6%), Italy (0.2%), and Brazil (0.0%).

Initial annual estimates indicate that G20 GDP growth was 3.2% in 2023, the same as in 2022 (Figure 2). This contrasts with a slowdown in the OECD, as GDP growth fell to 1.7%^[2] in 2023 from 2.9% in 2022 (see GDP Growth - Fourth quarter of 2023, OECD).

Four G20 countries recorded higher GDP growth in 2023 than in 2022. In India, growth accelerated to 7.7% compared with 6.5% in 2022 - the highest annual growth rate among G20 countries for which data is available. India’s growth in 2023 was driven primarily by an 8.5% increase in investment. Growth in China recorded an increase to 5.2% in 2023 up from 3.0% in 2022. Annual growth also increased in the United States and Japan. In 2023, GDP contracted only in Saudi Arabia (-0.8%) and Germany (-0.3%), while growth weakened but remained positive in the remaining 11 G20 countries for which data is available. 

Notes:

1. China’s nominal GDP represented 22.6% of G20 GDP in 2022 while the United States’ nominal GDP represented 19.3% (see Annex table 1 in the methodological note).
2. The estimate of OECD GDP growth for 2023 has been revised to 1.7% (from 1.6%) since the fourth quarter OECD GDP growth news release.

• Methodological Notes: Compilation of G20 Quarterly Economic Growth   (PDF) 

• Next release: 12 June 2024
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