The gross domestic product of the G20, as the group of the 20 largest economies in the world is known, grew by 0.7% in the fourth quarter of 2023 compared to the previous three months, according to preliminary data from a report published by the World Bank. Organization for Economic Co-operation and Development (OECD) on Wednesday (13).
The result indicates a slight slowdown compared to the third quarter of last year, as the G20 GDP increased by 0.8% compared to the previous quarter.
In China, economic growth slowed to 1% in the fourth quarter, compared to 1.5% in the previous quarter. The expansion also lost steam in the United States (from 1.2% in the third quarter to 0.8% in the fourth quarter) and in Mexico (from 1.1% to 0.1%), the OECD said. In Germany and the United Kingdom, GDP fell by a similar 0.3% in the fourth quarter of last year.
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In most other G20 countries, growth accelerated, especially in Turkey (from 0.3% in the third quarter to 1% in the fourth quarter). On the other hand, Japan and Canada recovered in the fourth quarter, after suffering a contraction in the previous quarter. In Brazil, the economy witnessed a recession in the last three months of 2023.
In all of 2023, G20 GDP rose by 3.2%, repeating the variation from 2022, also according to preliminary estimates.
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