PARIS, France – Gross domestic product (GDP) growth across the G20 region showed relative stability in Q2 2024, posting a quarter-on-quarter increase of 0.7 percent, which is a slight decline from the previous quarter’s 0.8 percent.
China, India, and the United States were the primary drivers of G20 economic growth in Q2 2024, though Brazil and Saudi Arabia reported the highest growth rates of 1.4 percent each. Meanwhile, both China and India experienced a slowdown, with growth rates declining from 1.5% to 0.7% and from 1.7% to 1.3%, respectively. Japan made a notable recovery, bouncing back from a 0.6 percent contraction in Q1 to achieve a 0.7 percent expansion in Q2. In contrast, the U.S. saw a modest uptick from 0.4 percent to 0.7 percent.
Conversely, other G20 nations faced weaker growth compared to the overall G20 performance, with South Korea and Germany experiencing contractions of 0.2% and 0.1%, respectively. Türkiye’s growth decelerated sharply from 1.4 percent to only 0.1 percent. Other notable economies like France, Italy, and the United Kingdom saw minor decreases, reporting growth rates of 0.2%, 0.2%, and 0.6%, respectively.
On a brighter note, Canada and Mexico recorded small increases in GDP growth, rising to 0.5% and 0.2%. South Africa’s GDP growth improved to 0.4% after stagnation in Q1. Australia’s growth remained steady at 0.2%, while both the European Union and the euro area saw minimal changes, each registering a growth rate of 0.2% in Q2 after a 0.3% increase in Q1 2024.
Year-over-year comparisons show that GDP in the G20 area rose by 3.1 percent in Q2 2024, slightly down from 3.2 percent in the prior quarter. Among G20 nations, India led with the highest year-on-year growth rate at 6.8%, closely followed by Indonesia at 5.0%. Conversely, Japan experienced the largest decline with a reduction of 0.9%.
