GDP in the G20: A Jolly Mix of Growth & Gloom in Q4 2023
Picture the G20 world as a big, noisy kitchen where everyone’s cooking up numbers for the fourth quarter of 2023. Here’s how the soufflés turned out—some rose, some flattened, and a couple even turned into a quick dip.
Quarter‑on‑Quarter Snapshot
- Overall G20 GDP – +0.7 % (a tad shy of the 0.8 % in Q3)
- China – +1.0 % (down from 1.5 %)
- USA – +0.8 % (shrunk from 1.2 %)
- Mexico – +0.1 % (slid from 1.1 %)
- Australia – slowdown, still a touch positive
- Germany & United Kingdom – ‑0.3 % (both took a tiny tumble)
- Turkey – +1.0 % (bootleg jump from 0.3 %)
- Canada & Japan – bounced back after last quarter’s gravity pull
- Saudi Arabia – contracted but softer (‑0.6 % vs ‑2.3 %)
- Indonesia, Korea, Italy, Brazil – no change (flat‑lined at 1.2 %, 0.6 %, 0.2 %, 0.0 %)
Annual Viewpoints
When the year’s dashboards were pushed to the market, G20 GDP sat steady at 3.2 % growth for 2023, mirroring 2022’s sturdy performance. While the OECD went on a losing streak—slipping from 2.9 % in 2022 to 1.7 % in 2023—the G20 held the line.
Star‑Studded Performers
- India – +7.7 % (highest among the G20) thanks to a 8.5 % investment boom.
- China – climbed to +5.2 % (up from 3.0 %)
- USA & Japan – also nudged upward after a dip.
- Saudi Arabia – barely hit the floor with a 0.8 % contraction.
- Germany – a 0.3 % collapse.
- Other 11 G20 economies – all stayed positive but slackened.
What’s Next?
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