G20 GDP Growth – First quarter of 2024, OECD

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12 June 2024 – Gross domestic product (GDP) in the G20 area grew by 0.9% quarter-on-quarter in the first quarter of 2024 according to provisional estimates, slightly up from 0.7% in the previous quarter (Figure 1).

The economic performance of the G20 area was mainly driven by China and India in Q1 2024.[1] Both countries, along with Türkiye, Saudi Arabia, Korea and Indonesia recorded higher GDP growth than the G20 as a whole. Türkiye saw the highest growth at 2.4%, followed by India (1.9%), China (1.6%), Saudi Arabia (1.4%), Korea (1.3%) and Indonesia (1.2%). Growth recovered in Saudi Arabia following a contraction of 0.6% in Q4 2023. The GDP growth rate increased in China, Korea and Türkiye in Q1 compared with Q4, but fell slightly in India and Indonesia.

The remaining G20 countries experienced weaker growth than the G20 as a whole in Q1 2024. The United States saw a slowdown, with GDP growth dropping to 0.3% in Q1 from 0.8% in Q4 2023. The economy of Japan contracted by 0.5% in Q1, while South Africa experienced a contraction of 0.1%. On the other hand, Brazil, the United Kingdom and Germany recovered in Q1 after contractions in Q4, with growth reaching 0.8%, 0.6% and 0.2% respectively. Canada, Mexico and the European Union grew by 0.4%, 0.3% and 0.3% respectively in Q1 after zero growth in Q4.

Compared with the same quarter of the previous year, GDP in the G20 area grew by 3.3% in Q1 2024, the same as the year-on-year growth rate of the previous quarter (Table 2). Among G20 economies, India recorded the highest year-on-year growth rate (8.4%) in Q1, followed by Türkiye (7.4%), while Saudi Arabia recorded the largest fall (-1.5%).

[1] China’s nominal GDP represented 22.6% of G20 GDP in 2022 while India’s nominal GDP represented 8.6% of G20 GDP in 2022 (see Annex table 1 in the methodological note).

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