FX.co ★ G20 economic growth eases in Q4 2023

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.