G20 economic growth slows to 0.7pc in first quarter – Latest News – The Nation

ANKARA – The Group of Twenty (G20) countries saw their cumulative GDP growth rate slow to 0.7% in the first quarter of 2022, according to provisional estimates released on Tuesday.

The figure is down from the 1.3% quarterly growth rate recorded in the last three months of last year, the Organization for Economic Co-operation and Development (OECD) said in a report.

“The slowdown in the G20 area in the first quarter of 2022 mainly reflects a weaker performance in the United States, where GDP contracted 0.4% quarter-on-quarter after rising 1.7% in the fourth quarter of 2021. “, says the report.

“This was primarily due to changes in net trade and lower inventory investment and government COVID-19 relief spending.”

Quarterly expansion also slowed by more than 2 percentage points in Australia and Indonesia, while the Canadian, Chinese, Indian, Italian, Korean, Turkish and British economies also faced declining growth, albeit in to a lesser extent, he added.

Brazil, Germany, Mexico, South Africa and the EU saw stronger growth in January-March 2022, compared to the previous October-December. Growth in Saudi Arabia was the highest among G20 economies at 2.6% due to higher oil activities and crude prices.

In the OECD area, which includes 38 countries, including a dozen G20 countries, GDP growth is estimated at 0.3% in the first quarter of this year.

Turkey’s economy is estimated to have grown by 1.2% in the first quarter of 2022 compared to the previous quarter, according to provisional figures. It is estimated to have an annual growth of 7.4% in the first three months of the year, compared to the same period last year.

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