15 Mar 2022 - Gross domestic product (GDP) in the G20 area rose by 1.4% between the third and fourth quarters of 2021 according to provisional estimates, down from the 1.9% increase recorded between the second and third quarters.
The slowdown in the G20 area in the fourth quarter (Q4) of 2021 mainly reflects decelerating growth in India,1 where GDP increased by 1.8% quarter-on-quarter after rising by 13.7% in the third quarter (Q3). It also reflects slower quarter-on-quarter growth in the European Union (EU) where GDP rose by 0.4% in Q4 2021, down from 2.2% in Q3. Germany,the EU’s largest economy, saw a fall in GDP of 0.3% in Q4 and was the only G20 country to record a contraction.2 GDP growth also slowed in Saudi Arabia (to 1.6% in Q4, compared with 5.7% in Q3) and Turkey (to 1.5%, compared with 2.8%).
Despite the trend for the G20 area as a whole, many G20 countries recorded stronger growth in Q4 2021 than in Q3. In the United States quarter-on-quarter GDP growth rose to 1.7%, from 0.6% in the previous quarter, and in China it rose to 1.6%, from 0.7%. GDP growth also rose in Indonesia, from a weak 0.1% in Q3 to a robust 3.9% in Q4, with GDP exceeding its pre-pandemic level for the first time (by 2.9%). In Australia GDP recovered from a Q3 drop of 1.9%, increasing by 3.4% in Q4, while in South Africa GDP rose by 1.2% in Q4 (from minus 1.7% in Q3) and in Brazil it rose by 0.5% (from minus 0.1%). Mexico recorded no growth in Q4 2021 after a contraction of 0.7% in the previous quarter.
Looking back at growth for 2021 as a whole, according to initial estimates, GDP in the G20 area increased by 6.1% following the 3.2% fall recorded in 2020 due to the COVID-19 pandemic. Among G20 countries, Turkey recorded the highest growth in 2021 (11.0%), followed by India (8.3%) and China (8.1%), while Japanrecorded the lowest growth (1.6%).
Source: OECD Quarterly National Accounts Database
1. India’s nominal GDP represented 8.3% of G20 GDP in 2020 (see Annex table 1 in the methodological note).
2 .In the OECD GDP growth release issued on 21 February 2022, Germany’s GDP contraction was estimated at minus 0.7% in Q4 2021 (now revised to minus 0.3%). GDP growth in the OECD area in Q4 2021 remained unchanged (at 1.2%).