G20 GDP grows by 0.7% in the fourth quarter and ends 2023 with an increase of 3.2%, according to the Organization for Economic Cooperation and Development

The gross domestic product of the G20, as the group of the 20 largest economies in the world is known, grew by 0.7% in the fourth quarter of 2023 compared to the previous three months, according to preliminary data from a report published by the World Bank. Organization for Economic Co-operation and Development (OECD) on Wednesday (13).

The result indicates a slight slowdown compared to the third quarter of last year, as the G20 GDP increased by 0.8% compared to the previous quarter.

In China, economic growth slowed to 1% in the fourth quarter, compared to 1.5% in the previous quarter. The expansion also lost steam in the United States (from 1.2% in the third quarter to 0.8% in the fourth quarter) and in Mexico (from 1.1% to 0.1%), the OECD said. In Germany and the United Kingdom, GDP fell by a similar 0.3% in the fourth quarter of last year.

In most other G20 countries, growth accelerated, especially in Turkey (from 0.3% in the third quarter to 1% in the fourth quarter). On the other hand, Japan and Canada recovered in the fourth quarter, after suffering a contraction in the previous quarter. In Brazil, the economy witnessed a recession in the last three months of 2023.

In all of 2023, G20 GDP rose by 3.2%, repeating the variation from 2022, also according to preliminary estimates.