Gross domestic product (GDP) in the G20 area rose by 0.7% in the third quarter of 2024, slightly up from the 0.6% growth rate recorded in the previous quarter1 according to provisional estimates (Figure 1). Quarterly G20 GDP growth rates have remained broadly stable since the second quarter of 2023 (Table 1).
In Q3 2024, GDP growth remained stable for the G20 as a whole, but the picture was mixed across countries. Indonesia, India, and the United States recorded stable growth (1.2%, 1.1% and 0.7% respectively), whereas growth accelerated significantly in Mexico (from 0.4% to 1.1%) and China2 (from 0.5% to 0.9%) and, to a lesser extent, in France and Australia (from 0.2% in both countries to 0.4% and 0.3%, respectively). Growth rebounded in Germany (from -0.3% to 0.1%) and Korea (from -0.2% to 0.1%).
By contrast, remaining G20 countries experienced slower growth in Q3 than in Q2. Growth slowed sharply in Brazil and Saudia Arabia (from 1.4% to 0.9% in both countries) and in the United Kingdom (from 0.5% to 0.1%). Growth also slowed, although more marginally, in Canada and Japan (to 0.3% in both countries) and Italy (to 0.0%). GDP continued to contract in Türkiye (by 0.2%) and growth turned negative in South Africa (-0.3%).
Compared with the same quarter of the previous year, GDP in the G20 area grew by 2.8% in Q3 2024, slightly down from 3.0% in the previous quarter (Table 2). Among G20 economies, India recorded the highest year-on-year growth rate (5.8%) in Q3, followed by Indonesia (5.0%). Germany recorded the largest fall (-0.3%).
Notes:
- The estimate of G20 GDP growth for Q2-2024 has been revised from 0.7% to 0.6% since the second quarter G20 GDP growth news release.
- China’s nominal GDP represented 24.2% of G20 GDP in 2023, that of the United States 19.1% and that of India 10.0% (see Annex table 1 in the methodological note).
Methodology
Release dates
- Next release: 13 March 2025
- All release dates
Contact us
For further information, journalists are invited to contact the OECD's Media Relations Division on (33) 1 45 24 97 00; others should contact the Statistics and Data Directorate