G20 GDP bounces back in Q3 2022 by 1.3% QoQ

The bounce back in the G20 area in Q3 mainly reflected a recovery in China, as some of the country’s strictest COVID-19 lockdowns began to be eased. China’s GDP grew by 3.9 per cent QoQ after contracting by 2.7 per cent in Q2 2022, as per a press release by the OECD.

The economy also recovered in the US, with GDP growing by 0.7 per cent in Q3 2022 after contracting by 0.1 per cent in the previous quarter, driven by net exports (exports minus imports). Together, China and the US contributed four-fifths of the 1.3 per cent G20 growth figure in Q3 2022. GDP growth also recovered in South Africa and India, while GDP continued to grow in Germany and Saudi Arabia.

Despite the recovery in the G20 area as a whole, Japan, the UK, and Turkiye recorded slight contractions in Q3 2022. GDP growth lost momentum in Q3 2022 in the eight remaining G20 economies for which data is available, slowing the most in relative terms in Brazil (0.4 per cent, compared with 1.0 per cent in the previous quarter), Italy (0.5 per cent, compared with 1.1 per cent), Korea (0.3 per cent, compared with 0.7 per cent), and France (0.2 per cent, compared with 0.5 per cent). The slowdown was more moderate in Australia, Canada, Indonesia, and Mexico.

In Q3 2022, GDP in the G20 area exceeded its pre-pandemic (Q4 2019) level by 6 per cent. The UK was the only G20 country that had not yet recovered its pre-pandemic level, following revisions to the historical series.

ALCHEMPro News Desk (NB)