G20 GDP growth continues at a stable pace in the third quarter of 2024

Gross domestic product (GDP) in the G20 area rose by 0.7% in the third quarter of 2024, slightly up from the 0.6% growth rate recorded in the previous quarter¹ according to provisional estimates (Figure 1). Quarterly G20 GDP growth rates have remained broadly stable since the second quarter of 2023 (Table 1).

In Q3 2024, GDP growth remained stable for the G20 as a whole, but the picture was mixed across countries. Indonesia, India, and the United States recorded stable growth (1.2%, 1.1% and 0.7% respectively), whereas growth accelerated significantly in Mexico (from 0.4% to 1.1%) and China² (from 0.5% to 0.9%) and, to a lesser extent, in France and Australia (from 0.2% in both countries to 0.4% and 0.3%, respectively). Growth rebounded in Germany (from -0.3% to 0.1%) and Korea (from -0.2% to 0.1%).

By contrast, remaining G20 countries experienced slower growth in Q3 than in Q2. Growth slowed sharply in Brazil and Saudia Arabia (from 1.4% to 0.9% in both countries) and in the United Kingdom (from 0.5% to 0.1%). Growth also slowed, although more marginally, in Canada and Japan (to 0.3% in both countries) and Italy (to 0.0%). GDP continued to contract in Türkiye (by 0.2%) and growth turned negative in South Africa (-0.3%).

Compared with the same quarter of the previous year, GDP in the G20 area grew by 2.8% in Q3 2024, slightly down from 3.0% in the previous quarter (Table 2). Among G20 economies, India recorded the highest year-on-year growth rate (5.8%) in Q3, followed by Indonesia (5.0%). Germany recorded the largest fall (-0.3%).

Source: OECD
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