Gross domestic product (GDP) growth in the G20 region maintained a steady pace in the second quarter of 2024, with a 0.7% increase, slightly down from the previous quarter’s 0.8%, according to provisional estimates. Major contributors to this growth were China, India, and the United States, while Brazil and Saudi Arabia posted the highest individual growth rates at 1.4% each.
Nevertheless, GDP growth in China and India slowed, with China’s rate dropping from 1.5% to 0.7% and India’s from 1.7% to 1.3%. Japan demonstrated a significant recovery, moving from a 0.6% contraction in the first quarter to 0.7% growth in Q2. The United States saw a modest increase from 0.4% to 0.7%, as reported by the Organisation for Economic Co-operation and Development (OECD).
Some G20 countries experienced weaker growth compared to the G20 average. South Korea and Germany’s economies contracted by 0.2% and 0.1%, respectively. Turkiye faced a dramatic slowdown, with growth plummeting from 1.4% in Q1 to 0.1% in Q2. France, Italy, and the UK had slight decreases, recording growth rates of 0.2%, 0.2%, and 0.6%, respectively. In contrast, Canada and Mexico saw minor increases, with GDP rising by 0.5% and 0.2%, respectively. South Africa’s economy improved with 0.4% growth after stagnation in Q1, while Australia, the European Union, and the euro area remained stable at 0.2% growth.
On an annual basis, G20 GDP grew by 3.1% in Q2 2024, down slightly from 3.2% in Q1. India led the annual growth with a 6.8% increase, followed by Indonesia at 5.0%. Japan experienced the largest annual decline with a 0.9% contraction.