While the GDP growth remained stable for the G20 as a whole in Q3 2024, the picture was mixed across countries. Indonesia, India, and the United States recorded stable growth of 1.2 per cent, 1.1 per cent, and 0.7 per cent respectively, according to the OECD (2024) Quarterly National Accounts (database). Growth accelerated significantly in Mexico (from 0.4 per cent to 1.1 per cent) and China (from 0.5 per cent to 0.9 per cent).
To a lesser extent, growth accelerated in France and Australia (from 0.2 per cent in both countries to 0.4 per cent and 0.3 per cent, respectively). Growth rebounded in Germany (from -0.3 per cent to 0.1 per cent) and South Korea (from -0.2 per cent to 0.1 per cent).
G20 GDP rose by 0.7 per cent in Q3 2024, up from 0.6 per cent in Q2, as per OECD data.
India, Indonesia, and the US saw steady growth, while Mexico and China experienced notable acceleration.
Growth slowed in the UK, Brazil, and Saudi Arabia, while Türkiye and South Africa contracted.
Year-on-year G20 growth eased to 2.8 per cent, with India leading at 5.8 per cent.
By contrast, remaining G20 countries experienced slower growth in Q3 than in Q2. Growth slowed sharply in Brazil and Saudia Arabia (from 1.4 per cent to 0.9 per cent in both countries) and in the United Kingdom from 0.5 per cent to 0.1 per cent.
Growth also slowed, although more marginally, in Canada and Japan (to 0.3 per cent in both countries) and Italy (to 0.0 per cent). GDP continued to contract in Türkiye (by 0.2 per cent) and growth turned negative in South Africa (-0.3 per cent).
Compared with the same quarter of the previous year, GDP in the G20 area grew by 2.8 per cent in Q3 2024, slightly down from 3.0 per cent in the previous quarter. Among G20 economies, India recorded the highest year-on-year growth rate 5.8 per cent in Q3, followed by Indonesia at 5.0 per cent. Germany recorded the largest fall of -0.3 per cent.
In 2023, China’s nominal GDP represented 24.2 per cent of G20 GDP, while that of the United States was 19.1 per cent, and India 10.0 per cent.
Fibre2Fashion News Desk (RKS)
