GDP in G20 area rises 0.9% in 1st quarter

ANKARA

The GDP in the Group of 20 (G20) nations increased 0.9% in the first quarter of this year on quarterly basis, according to data released on Wednesday.

The figure accelerated from a 0.7% growth in the final quarter of last year, the Organization for Economic Cooperation and Development (OECD) data showed.

The first quarter figure was mainly led by China and India, the OECD said, adding both countries, along with Türkiye, Saudi Arabia, Korea and Indonesia recorded higher GDP growth than the G20 as a whole.

Türkiye saw the highest quarterly growth at 2.4% in January-March, followed by India (1.9%), China (1.6%), Saudi Arabia (1.4%), Korea (1.3%) and Indonesia (1.2%).

While the GDP in the US rose 0.3% from the previous three month-period, it contracted by 0.5% in Japan.

On an annual basis, G20 economic growth was stable at 3.3% in January-March compared to October-December 2023.

Among G20 economies, India saw the highest year-on-year growth with 8.4%, followed by Türkiye with 7.4%, while Saudi Arabia recorded the largest contraction with 1.5%.