JABAR EKSPRES – Provisional estimates show that gross domestic product (GDP) in the G20 member countries region grew by 0.9 percent quarter-on-quarter in the first three months (Q1) of 2023, the Organization for Economic Cooperation and Development (OECD) said Wednesday (6/14).
In the first quarter of 2023, growth in the G20 region was driven by the economic reopening in China, whose GDP growth reached 2.2 percent compared with 0.6 percent in the fourth quarter (Q4) of 2022, the OECD said in its interim report.
Among the BRICS countries, India’s GDP grew by 1.9 percent in the first quarter of 2023, while the economies of Brazil and South Africa recovered from contractions in the fourth quarter of 2022, and grew by 1.9 percent and 0.4 percent respectively in the first quarter of 2023.
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The United States saw GDP growth slow to 0.3 percent in the first quarter of 2023, compared with 0.6 percent in the fourth quarter of 2022, the OECD report showed.
Germany is considered to be technically in recession by the OECD, as its GDP has shrunk for two consecutive quarters – minus 0.3 percent in the first quarter of 2023 after minus 0.4 percent in the fourth quarter of 2022. This is mainly due to a decline in government spending and private consumption, the OECD noted.
France and Canada emerged from the economic stagnation of the fourth quarter of 2022, as their economies grew by 0.2 percent and 0.8 percent respectively in the first quarter of 2023.
According to the OECD, GDP in the G20 region exceeded pre-pandemic levels. The exceptions are the United Kingdom and Germany.
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