According to OECD quarterly estimates, the economic performance of G20 countries weakened in the final quarter of last year. Gross domestic product across the group grew by 0.7% in the fourth quarter of 2023, down from 0.8% in the previous quarter.
Annual estimates showed that G20 GDP growth was 3.2% in 2023, slightly above the 3% expansion posted in the third quarter.
The OECD report showed that economic growth accelerated in some G20 member states. Turkey achieved outstanding performance. Its gross domestic product grew by 1.0% in the fourth quarter of 2023 compared to 0.3% in the third quarter. In Canada and Japan, fourth-quarter GDP growth recovered to 0.8% and 0.1% respectively.
Germany and the UK, on the contrary, were among the worst performers. Their GDP growth rates slid to 0.3% each. In some countries, economic growth weakened but remained positive. The US economy grew by 1%, down from 1.5% in the previous quarter. In China and Mexico, GDP growth fell from 1.2% and 1.1% to 0.8% and 0.1% respectively.
