Gross domestic product (GDP) in the G20 area rose by 0.9% in the fourth quarter of 2024, an increase similar to the previous quarter,1 according to provisional estimates (Figure 1). Quarterly G20 GDP growth rates remained relatively stable over the past two years, ranging between 0.6 and 1.0% (Table 1). However, the picture was mixed among G20 countries.
Growth rebounded noticeably in Türkiye (from -0.1% to 1.7%) and in South Africa (from -0.1% to 0.6%) in the fourth quarter. Growth increased in China (from 1.3% to 1.6%), India (from 1.4% to 1.6%), Australia (from 0.3% to 0.6%), Japan (from 0.4% to 0.6%), Canada (from 0.5% to 0.6%), and in Italy and the United Kingdom (from 0.0% to 0.1% in both countries). Growth was stable in Indonesia (at 1.2%) and Korea (at 0.1%).
By contrast, the remaining G20 countries experienced either contractions or slowdowns in growth in Q4 compared with Q3. GDP contracted in Mexico (by 0.6%), Germany (by 0.2%) and France (by 0.1%). Growth slowed in the United States (from 0.8% to 0.6%), Saudi Arabia (from 0.9% to 0.5%) and Brazil (from 0.7% to 0.2%).
Initial annual estimates derived from quarterly data indicate that G20 GDP growth slowed slightly to 3.2% in 2024, compared with 3.4% in 2023 (Figure 2). Among the 17 G20 countries for which data is available, Germany was the only one to record a decline in 2024, with GDP contracting by 0.2%, following a 0.3% contraction in 2023. Meanwhile, nine countries saw slower growth compared with 2023. India recorded the highest annual growth in 2024 (6.7%), followed by China and Indonesia (5.0% in both countries), with Japan (0.1%), South Africa (0.6%) and Italy (0.7%) recording the lowest growth rates.
Notes:
- The estimate of G20 GDP growth for Q3-2024 has been revised from 0.8% to 0.9% since the OECD GDP growth news release published on 20 February 2025.
Methodology
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