G20 GDP grows 0.9 pct in Q1 2023: OECD

PARIS, June 14 (Xinhua) -- Provisional estimates showed that the gross domestic product (GDP) in the G20 area grew by 0.9 percent quarter-on-quarter in the first three months (Q1) of 2023, the Organization for Economic Co-operation and Development (OECD) said Wednesday.

In Q1 2023, growth in the G20 area was driven by the reopening of the economy in China, whose GDP growth reached 2.2 percent compared with 0.6 percent in the fourth quarter (Q4) of 2022, the OECD noted in its provisional report.

Among BRICS countries, India's GDP grew by 1.9 percent in Q1 2023, while Brazil and South Africa's economies recovered from contraction in Q4 2022, and grew by 1.9 percent and 0.4 percent, respectively, in Q1 2023.

The United States saw its GDP growth slow to 0.3 percent in Q1 2023, compared with 0.6 percent in Q4 2022, the OECD report showed.

Germany is considered to be technically in recession by the OECD, as its GDP has contracted for two consecutive quarters -- minus 0.3 percent in Q1 2023 after minus 0.4 percent in Q4 2022. This was mainly due to decreases in government spending and private consumption, the OECD noted.

France and Canada are out of the economic stagnation of Q4 2022, as their economies grew by 0.2 percent and 0.8 percent, respectively, in Q1 2023.

According to the OECD, GDP in the G20 area exceeded its pre-pandemic level. The exceptions are the United Kingdom and Germany.