Prior to the widespread outbreak of the coronavirus in the first quarter of 2020, growth of real gross domestic product (GDP) in the G20 area had already started to slow, falling to 0.6% in the fourth quarter of 2019, compared with 0.8 % in the previous quarter, according to provisional estimates.
GDP contracted sharply in Japan (by minus 1.8 %, following October’s increase in consumption tax). It also contracted in South Africa (by minus 0.4 %), Italy (by minus 0.3 %) and, (by minus 0.1 %), in France and Mexico.
GDP growth slowed significantly in the United Kingdom (to zero, following growth of 0.5% in the previous quarter). It slowed more moderately in the European Union (to 0.1%, from 0.4 %), Canada (to 0.1 %, from 0.3 %), Germany (to zero, from 0.2 %), and, marginally, (to 0.5 %, from 0.6 %), in Australia and Brazil.
On the other hand, GDP growth picked up significantly in Turkey (to 1.9 %, from 0.8 %) and Korea (to 1.3 %, from 0.4 %), and more moderately in China (to 1.5 %, from 1.4 %). Growth was stable in Indonesia, India and in the United States (at 1.2 %, 1.1 % and 0.5 %, respectively).
For 2019 as a whole, real GDP growth in the G20 area slowed to 2.9 % (from 3.7 % in 2018), with China recording the highest growth (6.1 %) and Mexico the lowest (minus 0.1 %). Annual growth also slowed in the OECD area, to 1.7 % in 2019 (from 2.3 % in 2018), with Ireland recording the highest growth (5.5 %) and Mexico the lowest (minus 0.1 %).
Technical note for G20 GDP News Release: G20 GDP growth in volume
Gross Domestic Product (GDP) is the standard measure of the value of the goods and services produced by a country during a reference period. The estimate of GDP growth for the G20 aggregate is produced by the OECD Secretariat. It is based on quarterly seasonally adjusted data reported by G20 countries and Eurostat, and, if country data are not available, on estimates from the OECD’s Secretariat.
Country notes
The statistical data in this publication are supplied by and under the responsibility of the relevant statistical authorities. The use of such data by the OECD is without prejudice to the status of or sovereignty over any territory, or to the delimitation of international frontiers and boundaries.
China – China is part of the G20 aggregate for all quarters. Data shown in the tables correspond to official figures from the National Bureau of Statistics of China (NBS). Quarterly data used to compile the G20 aggregate are based on estimates from the OECD’s Economics Department, which are not shown in the tables.
Russian Federation – The Russian Federal State Statistics Service (Rosstat) has implemented the 2008 SNA in its System of National Accounts in the beginning of April 2016 and since July 2017 it has released time series according to the 2008 SNA back to 2011.
Saudi Arabia – Data is compiled by the “General Authority for Statistics, Kingdom of Saudi Arabia” and provided to the OECD by the IMF.
The seasonally adjusted data includes a working-day correction for all G20 countries except Argentina, Brazil, China, India, Indonesia, Saudi Arabia and South Africa. When seasonally adjusted national data are not available, data are adjusted by the OECD’s Statistics Directorate with the TRAMO/SEATS method; this is the case for Argentina, India, Indonesia and Saudi Arabia. Figures for the G20 aggregate are calculated from seasonally (and calendar) adjusted data of the countries (i.e. the indirect method). Growth over the previous quarter is not annualised in this News Release. The charts presented in this News Release are based on data with more than one decimal.
Growth rates for the G20 are derived from chained volume estimates in US dollars converted using 2015 Purchasing Power Parities (PPPs) of GDP.
Preliminary estimates of annual growth presented in this publication are derived from quarterly estimates.
Implementation of SNA 2008 / ESA 2010 methodology
Quarterly national accounts data are compiled according to the new SNA 2008 / ESA 2010 standards by all the countries in the G20 area except Saudi Arabia.
Technical note for G20 GDP News Release: G20 GDP growth in volume
Gross Domestic Product (GDP) is the standard measure of the value of the goods and services produced by a country during a reference period. The estimate of GDP growth for the G20 aggregate is produced by the OECD Secretariat. It is based on quarterly seasonally adjusted data reported by G20 countries and Eurostat, and, if country data are not available, on estimates from the OECD’s Secretariat.
Find more information on the change of methodology and its impact on GDP at the following link: http://www.oecd.org/sdd/na/sna-2008-main-changes.htm
Country coverage
The OECD news release on “G20 GDP growth – Q4 2019” presents time series which end before the United Kingdom’s withdrawal from the European Union on 1 February 2020. The EU aggregate presented here therefore refers to the EU including the UK. In future publications, as soon as the series presented for the EU extend for the first time to periods beyond the UK withdrawal (i.e. end of April 2020 for the reference quarter Q1-2020), the “European Union” aggregate will change to reflect the new EU country composition. Interested readers may refer to the Eurostat website for further information on Eurostat’s plans for disseminating EU aggregates and to the Eurostat database for the actual series.
Thus, the G20 consists of the following: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
The G20 aggregate is calculated taking the fifteen individual country members of the G20 (other than France, Germany, Italy and the United Kingdom) plus the European Union as an aggregate.
Further information
Further methodological information can be downloaded from:
http://www.oecd.org/sdd/na/G20QuarterlyGDPGrowth_Methodology.pdf