G20 GDP continues to grow in the fourth quarter of 2020, although at a slower pace

Growth of gross domestic product (GDP) in the G20 area slowed to 2.1% in the fourth quarter of 2020, down from the large rebound in the previous quarter (7.8%) that followed the unprecedented falls in the first half of the year due to COVID-19 containment measures.

Among the G20 economies, India continued to record the highest growth (7.9%) in the fourth quarter, following a growth of 23.7% in the previous quarter. In most other economies, GDP growth, although lower than in the third quarter, remained positive: Mexico (3.3%), Brazil (3.2%), Australia (3.1%), Indonesia (2.9%), Japan and Saudi Arabia (2.8% in both countries), China (2.6%), Canada (2.3%), Turkey (1.7%), South Africa (1.5%), Korea (1.2%), United Kingdom and United States (1.0% in both countries) and Germany (0.3%). On the other hand, GDP contracted in Italy and France (by minus 1.9% and minus 1.4%, respectively), after strong rebounds in the previous quarter (15.9% and 18.5%, respectively).

For 2020 as a whole, GDP fell by (minus) 3.3% in the G20 area, with only China and Turkey recording  growth  (of 2.3% and 1.8%, respectively), while the United Kingdom experienced the largest fall (minus 9.9%).

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