Driven by China, Turkey, G20 growth in Q2 exceeds pre-virus level

ANKARA

Gross domestic product (GDP) of the G20 area in the second quarter of the current year exceeded its pre-pandemic level by 0.7%, driven by China, which together with Turkey, saw the highest recovery rates (8.2% and 8.8%, respectively), according to OECD data on Wednesday.

"However, the majority of countries are still lagging behind pre-pandemic levels, with India experiencing the largest gap (minus 8.1%), followed by the UK (minus 4.4%) and Italy (minus 3.8%)," the global body said.

GDP of the G20 area expanded by 0.4% in the second quarter, down from 0.9% in the first quarter, it noted, adding: "However, this figure conceals large differences in the growth observed across countries."

Among the G20 economies, GDP growth paced down in Turkey to 0.9%, from 2.2%; Korea to 0.8%, from 1.7%; and Australia to 0.7%, from 1.9%.

Growth figures narrowed sharply in India by minus 10.2%, after 2.3% growth.

GDP also contracted, to a lesser extent, in Canada by minus 0.3%, after 1.4% growth and Brazil by minus 0.1%, after 1.2% growth.

The US and Mexico posted accelerating growth rates in Q2 with 1.6% and 1.5%, respectively.

GDP growth resumed in the UK to 4.8%, following a contraction of minus 1.6%, in the EU as a whole to 2.1%, following a contraction of minus 0.1%, in Germany to 1.6%, following a contraction of minus 2.0%,” OECD said.