The G20 Gross Domestic Product (GDP) experienced a slowdown in the second quarter, registering growth of 0.7 %, three tenths less than in the previous quarter. China played a significant role in this phenomenon, although most of the world’s top 20 economies also experienced less favorable performance.
The Organization for Economic Cooperation and Development (OECD) published this aggregate data today, emphasizing the impact of China’s slowdown on the G20 as a whole. Chinese GDP went from 2.2 % growth between January and March to 0.8 % between April and June.
In addition to China, other large emerging markets such as Brazil (0.9 % instead of 1.8 %) and India (1.9 % instead of 2.1 %) also saw lower growth in the second quarter compared to first.
Among the G20 member countries with more developed economies, a slowdown was observed in Canada (0.6% in the first quarter compared to 0 % in the second), a contraction in Italy (0.6% GDP expansion between January and March to a contraction of 0.4 % between April and June) and stagnation in Germany (decrease of 0.1 %).
However, the case of Turkey within the G20 stands out, where there was a significant improvement in its economic performance. After a 0.1 % drop in the first quarter, the Turkish economy saw an impressive 3.5 % jump in the second quarter, driven mainly by private consumption.
(Referential image source: Bagus Hernawan, Unsplash)