The Organization for Economic Cooperation and Development (OECD) in March 2023 announced that the G20 gross domestic product (GDP) increased by 0.7 % quarter-on-quarter in the fourth quarter (Q4) 2023 according to provisional estimates, a slight dip from 0.8 % in the previous quarter (Chart 1).

Economic performance across G20 economies was mixed in Q4 2023. China’s GDP growth eased to 1.0 % (down from 1.5 % in Q3) and the United States slowed to 0.8 % (from 1.2 %). In Mexico, growth fell sharply from 1.1 % in Q3 2023 to 0.1 % in Q4. Growth also edged lower in Australia and turned negative in both Germany and the United Kingdom (-0.3 % in each).

GDP growth accelerated in several other G20 members, most notably Türkiye (rising to 1.0 % from 0.3 %). Output rebounded in Canada and Japan after contractions in the previous quarter. Although Saudi Arabia’s GDP still declined, the contraction was far smaller (-0.6 % in Q4 versus -2.3 % in Q3). Growth was unchanged from Q3 in Indonesia (1.2 %), Korea (0.6 %), Italy (0.2 %) and Brazil (0.0 %).

Preliminary annual estimates show that G20 GDP grew by 3.2 % in 2023, matching the 2022 rate (Chart 2). This contrasts with the OECD area, where growth slowed to 1.7 % in 2023 after 2.9 % in 2022.

Four G20 economies recorded faster growth in 2023 than in 2022. India accelerated to 7.7 % from 6.5 %—the highest annual rate among reporting G20 members—largely driven by an 8.5 % rise in investment. China grew by 5.2 % in 2023 versus 3.0 % in 2022. Annual growth also strengthened in the United States and Japan. GDP contracted only in Saudi Arabia (-0.8 %) and Germany (-0.3 %), while growth weakened but remained positive in the other 11 G20 economies for which data are available.

^[1] China’s nominal GDP accounted for 22.6 % of G20 GDP in 2022, while that of the United States accounted for 19.3 % (see Annex Table 1 of the methodological note).
^[2] The OECD GDP growth estimate for 2023 has been revised to 1.7 % (from 1.6 %) since the publication of the OECD’s Q4 GDP growth press release.