GDP of G20 nations rises by 0.7 percent in Q2 2024
Date
9/15/2024 3:12:37 AM
(MENAFN) In the second quarter of the year, the GDP of the G20 countries experienced a moderate rise of 0.7 percent compared to the previous quarter, according to recent data from the Organization for Economic Cooperation and Development (OECD). This slight deceleration from the 0.8 percent growth rate observed in the first quarter was influenced by varying economic performances among member countries. While China, India, and the United States were the primary contributors to the G20’s overall economic expansion during this period, it was Brazil and Saudi Arabia that reported the highest individual growth rates, both reaching 1.4 percent. These figures highlight the nuanced and diverse economic dynamics within the G20 bloc.
China, one of the largest economies in the group, reported a GDP growth of 1.5 percent for the three months ending in June. This represents an increase from the 0.7 percent growth rate recorded in the previous quarter, indicating a continued recovery albeit at a more measured pace. Similarly, India’s economy, while still robust, showed signs of slowing, with GDP growth easing to 1.3 percent in the April-June period from 1.7 percent in the first quarter. The United States also maintained a steady upward trajectory, with its GDP growth rising modestly from 0.4 percent in the first quarter to 0.7 percent in the second quarter, signaling sustained economic resilience.
Other notable movements within the G20 economies include Japan’s significant turnaround. After experiencing a contraction of 0.6 percent in the first quarter, Japan’s economy rebounded with a 0.7 percent growth in the second quarter, showcasing a notable recovery. However, not all economies in the group fared as well. South Korea and Germany both recorded contractions in their GDP, shrinking by 0.2 percent and 0.1 percent, respectively, on a quarterly basis. These contractions suggest ongoing economic challenges and potential vulnerabilities within these countries.
On an annual basis, the GDP across the G20 nations grew by 3.1 percent in the second quarter, a slight decrease from the 3.2 percent growth observed in the preceding quarter. India stood out with the highest annual growth rate among the G20 economies, posting a remarkable 6.8 percent increase year-on-year in the April-June period. Indonesia followed, recording an annual growth rate of 5.0 percent. Conversely, Japan experienced the most significant annual decline, with its GDP contracting by 0.9 percent compared to the same period last year. This mix of growth rates highlights the varied economic landscapes within the G20, reflecting both the global economic recovery and ongoing challenges.
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