G20 GDP showed a strong recovery in the third quarter of 2020, but remained below pre-pandemic high

Gross domestic product (GDP) in the G20 area rebounded by 8.1 % in the third quarter of 2020 following the unprecedented falls in the first half of the year due to COVID-19 containment measures. However, GDP remained 2.4 % below its pre-crisis high of the final quarter of 2019.

Among the G20 economies, GDP in India rebounded strongest, by 21.9 %, following a fall of 25.2 % in the second quarter, the sharpest drop ever recorded.

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GDP also rebounded with double-digit numbers in the third quarter, after double-digit falls in the second quarter, in France (by 18.7 %, following a contraction of (minus) 13.8 %), Italy (by 15.9 %, after minus 13.0 %), Turkey (by 15.6 %, after minus 10.8 %), United Kingdom (by 15.5 %, after minus 19.8 %), South Africa (by 13.5 %, after minus 16.6 %) and Mexico (by 12.1 %, after minus 17.0 %). GDP also grew in the other major economies: 8.9 % in Canada; 8.5 % in Germany; 7.7 % in Brazil; 7.4 % in the United States; 5.3 % in Japan; 3.3 % in Australia; 3.1 % in Indonesia; 2.7 % in China; 2.1 % in Korea; and 1.2 % in Saudi Arabia.

GDP in the G20 area as a whole remained significantly below the levels of the same quarter a year earlier (minus 2.0 %), with only Turkey and China recording positive growth (of 5.4 % and 4.9 %, respectively), while the United Kingdom experienced the largest fall (minus 9.6 %). A similar picture emerges when comparing economic activity in the third quarter with pre-pandemic levels, as approximated by the cumulative growth rate for the first three quarters of 2020.

Country coverage

The OECD news release on “G20 GDP growth” presents time series which extend beyond the date of the United Kingdom’s withdrawal from the European Union on 1 February 2020. In order to maintain consistency over time, the “European Union” aggregate presented here excludes the UK for the entire time series. Interested readers may refer to theEurostat website for further information on Eurostat’s plans for disseminating EU aggregates and to the Eurostat database for the actual series.

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 sixteen individual country members of the G20 (other than France, Germany and Italy) plus the European Union as an aggregate.

Further methodological information can be downloaded from:

www.oecd.org