Thursday, March 30, 2023

The GDP of the G20 countries increased by 3.2% in 2022

The GDP of the G20 countries, which brings together the main economies of the planet, increased by 3.2% in 2022, slightly more than half that of the previous year (6.3%), with a significant slowdown in the last quarter, reported today the OECD when publishing its initial estimates.

Although the increase was positive in all the countries that make up this select group, there are differences between them, between the 8.7% increase in Gross Domestic Product (GDP) in Saudi Arabia to 1% in Japan, said the Organization for Economic Cooperation and Economic development.

While Argentina has not yet presented official data, published statistics indicate a 2.9% rise in the Brazilian economy, which fell 0.2 percentage points in the last three months of the year.

In Mexico, activity grew by 3.1% in 2022 with a rise of 0.5% in the fourth quarter, compared to 0.9% in the three preceding months.

This trend is repeated in almost all the members of the G20, which ended a 2022 marked by volatility with a clear economic slowdown.

In the group of countries, GDP increased by 0.3% in the last three months of 2022, compared to an improvement of 1.4% in the third quarter. This difference had already been noted in the first two quarters of the year, when growth went from 0.7% in the first to 0.2% in the second.

In the case of China, which represents almost a quarter of the G20 GDP, growth went from 3.9% in the third quarter to zero in the fourth, when certain restrictions due to the covid were lifted and there was a rebound in the incidence that affected various sectors of the economy, the OECD noted.

Other examples are South Africa, which closed the year with a 1.3% drop in GDP after having risen 1.8% in the third quarter; Germany, where production fell 0.4% after rising 0.5%; or South Korea, where there was a decline of 0.4% after having risen 0.3%.

In Canada, Japan, the United Kingdom or the European Union, although there were no negative figures in the fourth quarter, there was a slowdown in growth.


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