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G20 growth slowed

The economic growth of the Group of Twenty, which includes the 19 most important economies and the European Union, slowed in the last quarter of last year compared to the previous quarter.

European Commission President Ursula von der Leyen in Brussels on October 28, 2021. Photo: AFP/Kenzo Tripuillard

According to data published on the OECD website on Tuesday

Gross domestic product growth for the Group of Twenty fell to 1.4 percent in the fourth quarter of last year from the third quarter, when they measured an expansion of 1.9 percent.

In the three months to the end of December last year, India’s economic growth slowed the most in the quarterly comparison, from 13.7 percent in the third quarter to 1.8 percent in the fourth.

Eurozone GDP growth also slowed spectacularly, from 2.2% to 0.4%.

Among the G20 countries, only Germany recorded an economic decline in the last three months of last year, with GDP contracting 0.3 percent compared to the third quarter.

Meanwhile, economic growth accelerated in many G-20 countries: US GDP growth accelerated from 0.6 percent to 1.7 percent in the third quarter, and China from 0.7 percent to 1.6 percent.

According to OECD calculations, the gross domestic product of the Group of Twenty increased by 6.1 percent last year, after contracting by 3.2 percent in 2020.

The Turkish economy grew by 11 percent, as did the Indian economy by 8.3 percent and China by 8.1 percent.

Japan’s economy was less than 1.6% expanding.

G20 members: Argentina, Australia, Brazil, the United Kingdom, Germany, India, Indonesia, Italy, Canada, China, Mexico, Russia, Saudi Arabia, the United States, Turkey, France, South Africa, South Korea, Japan and the European Union.

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