The Organization for Economic Cooperation and Development (OECD) in June 2024 announced that the G20 gross domestic product (GDP) increased by 0.9 % quarter-on-quarter in the first quarter (Q1) 2024, according to provisional estimates, up slightly from 0.7 % in the previous quarter (Chart 1).

The area’s economic performance was primarily supported by China and India in Q1 2024^[1]. Together with Türkiye, Saudi Arabia, Korea and Indonesia, they recorded GDP growth rates above the G20 average. Türkiye posted the strongest quarterly growth at 2.4 %, followed by India (1.9 %), China (1.6 %), Saudi Arabia (1.4 %), Korea (1.3 %) and Indonesia (1.2 %). Growth rebounded in Saudi Arabia after a 0.6 % contraction in Q4 2023. GDP growth accelerated in China, Korea and Türkiye compared with Q4, but edged down in India and Indonesia.

The remaining G20 economies grew more slowly than the aggregate in Q1 2024. The United States decelerated to 0.3 % from 0.8 % in Q4 2023. The Japanese economy contracted by 0.5 %, while South Africa shrank by 0.1 %. In contrast, Brazil, the United Kingdom and Germany returned to growth after Q4 contractions, expanding by 0.8 %, 0.6 % and 0.2 % respectively. Canada, Mexico and the European Union grew by 0.4 %, 0.3 % and 0.3 % in Q1 after flat growth in Q4.

Year-on-year, G20 GDP rose by 3.3 % in Q1 2024, identical to the rate recorded in the previous quarter (Table 2). Among G20 economies, India recorded the fastest annual growth (8.4 %), followed by Türkiye (7.4 %), while Saudi Arabia experienced the sharpest decline (-1.5 %).

^[1] China’s nominal GDP accounted for 22.6 % of G20 GDP in 2022, while India’s accounted for 8.6 %