Economic growth in the G20 perked up in the third quarter, the Organization for Economic Cooperation and Development (OECD) reports.
Based on early estimates, third quarter GDP growth in the G20 came in at 1.3%, quarter over quarter, the OECD said. This followed a 0.3% decline in the second quarter.
“The bounce back in the G20 area in the third quarter mainly reflected a recovery in China, as some of the country’s strictest Covid-19 lockdowns began to be eased,” the Paris-based group said.
The OECD reported that GDP in China grew by 3.9% in Q3 after contracting by 2.7% in the previous quarter.
Additionally, growth resumed in the U.S., posting a 0.7% gain, after contracting by 0.1% in the previous quarter.
“Together, China and the U.S. contributed four-fifths of the 1.3% G20 growth,” the OECD said, adding that GDP also rebounded in India and South Africa, and continued to rise in Germany and Saudi Arabia.
At the same time, growth slowed in Canada and much of the rest of the G20, and slight contractions were recorded in Japan, the U.K. and Turkey, it noted.
Still, with the rebound in the third quarter, GDP in the G20 area exceeded its pre-pandemic level by 6.0%, the OECD said, noting that the U.K. was the only G20 country that had not yet recovered its pre-pandemic level.