G20 GDP growth slowed slightly to 0.7% in the second quarter of 2026 (Q2 2026), down from 0.8% in the prior quarter (Q1 2026), according to provisional OECD estimates published in September 2026, with most member economies posting weaker results.

Saudi Arabia’s contraction deepened sharply, with GDP falling -4.8% in Q2 after a 1.4% decline in Q1, driven largely by a steep drop in oil activity. South Africa’s economy also contracted, by 0.2%, reversing 0.4% growth in Q1. Korea saw growth decelerate markedly from 1.8% to 0.6% amid softer exports and private consumption, while Brazil, China and India all slowed—to 0.5%, 0.9% and 1.8%, respectively. The US, Japan and the UK each grew 0.4%, with Germany and Italy posting more modest gains of 0.3% and 0.2%.

Not all economies lost momentum. Mexico rebounded strongly, growing 1.4% after a -0.3% Q1 contraction, while Indonesia held steady at 1.3%. Turkiye accelerated from 0.3% to 1.1%, Canada rose from 0.1% to 0.8%, and Australia edged up to 0.4%. France’s GDP was flat, recovering from a -0.2% Q1 decline.

On an annual basis, G20 GDP rose 3.1% in Q2, with India leading at 8.1%, followed by Indonesia at 5.3% and China at 4.3%. Saudi Arabia remained the outlier, down -4.3% year-on-year.

With oil-driven weakness persisting in the Gulf and export-reliant economies like Korea cooling, watch for whether emerging markets can sustain their growth edge through the second half of the year.