G20 GDP growth rose in Q3

Powered by strong rebounds in Canada, parts of Europe and certain emerging markets, third-quarter GDP growth surged in the G20, according to the OECD.

The Paris-based group reported that GDP for the G20 rose by 1.7% in the third quarter, up from 0.4% in the second quarter.

This increase for the G20 runs counter to a slowdown recorded for the OECD area (which includes 38 countries) over the same period.

The OECD said the relatively strong growth for the G20 in the third quarter “reflects a rebound in India, where GDP rose by 12.7% in Q3, after a contraction of 11.6% in Q2.”

Additionally, growth jumped in Canada, with GDP rising by 1.3% in Q3 after a 0.8% contraction in Q2.

There was also strong growth from some European countries, including France and Italy, and GDP rose strongly in Turkey and Saudi Arabia.

At the same time, several countries saw growth slow (China, Korea) or turn negative (Japan, Australia, Mexico) in Q3, the OECD said. Output also remained negative in Brazil.

“Indeed, while GDP for the G20 area as a whole exceeded its pre-pandemic level in the first quarter of 2021, half of the G20 economies, including all G7 economies except the United States, remain below pre-pandemic levels,” the OECD said.

Staff

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