G-20 area GDP grows 1.3% in Q3

By Gokhan Ergocun

ISTANBUL (AA) - The gross domestic product (GDP) in the Group of 20 (G-20) area grew 1.3% in the third quarter of 2022 from the previous quarter, the Organization for Economic Cooperation and Development (OECD) said on Tuesday.

In a statement, the organization said that the GDP in the G-20 area had shrunk by 0.3% in the previous quarter on a quarterly basis.

"The bounce back in the G20 area in the third quarter mainly reflected a recovery in China, as some of the country’s strictest COVID-19 lockdowns began to be eased," the statement said.

The Chinese economy has grown 3.9% in the third quarter versus the previous quarter, after contracting 2.7% in the second quarter.

"The economy also recovered in the United States, with GDP growing by 0.7% in Q3 2022 after contracting by 0.1% in the previous quarter, driven by net exports," the statement said.

It added that GDP growth rates also recovered in South Africa and India, while GDP continued to grow in Germany and Saudi Arabia.

Japan, the UK and Türkiye recorded slight contractions in the third quarter on a quarterly basis, the statement said.

It said that the growth rate in the OECD region was 0.4% in the third quarter.