Paris, 13 March 2025
Gross domestic product (GDP) in the G20 area rose by 0.9% in the fourth quarter of 2024, an increase similar to the previous quarter,[1] according to provisional estimates. Quarterly G20 GDP growth rates remained relatively stable over the past two years, ranging between 0.6 and 1.0% . However, the picture was mixed among G20 countries.
Growth rebounded noticeably in Türkiye (from -0.1% to 1.7%) and in South Africa (from -0.1% to 0.6%) in the fourth quarter. Growth increased in China (from 1.3% to 1.6%), India (from 1.4% to 1.6%), Australia (from 0.3% to 0.6%), Japan (from 0.4% to 0.6%), Canada (from 0.5% to 0.6%), and in Italy and the United Kingdom (from 0.0% to 0.1% in both countries). Growth was stable in Indonesia (at 1.2%) and Korea (at 0.1%).
By contrast, the remaining G20 countries experienced either contractions or slowdowns in growth in Q4 compared with Q3. GDP contracted in Mexico (by 0.6%), Germany (by 0.2%) and France (by 0.1%). Growth slowed in the United States (from 0.8% to 0.6%), Saudi Arabia (from 0.9% to 0.5%) and Brazil (from 0.7% to 0.2%).
Initial annual estimates derived from quarterly data indicate that G20 GDP growth slowed slightly to 3.2% in 2024, compared with 3.4% in 2023 (Figure 2). Among the 17 G20 countries for which data is available, Germany was the only one to record a decline in 2024, with GDP contracting by 0.2%, following a 0.3% contraction in 2023. Meanwhile, nine countries saw slower growth compared with 2023. India recorded the highest annual growth in 2024 (6.7%), followed by China and Indonesia (5.0% in both countries), with Japan (0.1%), South Africa (0.6%) and Italy (0.7%) recording the lowest growth rates.
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