Relatively strong growth reflects rebound in India, Saudi Arabia, Turkey, says OECD
The gross domestic product (GDP) of the G20 area rose by 1.7% between the second and the third quarter of 2021, according to latest data released on Tuesday.
The figure was up from a moderate quarter-on-quarter growth rate of 0.4% in the second quarter, the Organization for Economic Co-operation and Development (OECD) said in a statement.
“The relatively strong growth reflects a rebound in India, where GDP rose by 12.7% in Q3, after a contraction of 11.6% in Q2, mainly driven by fixed investment and private consumption,” read the statement.
GDP also increased remarkably in Saudi Arabia by 5.8% in Q3,from 1.1% in Q2, exceeding its pre-pandemic level for the first time, and in Turkey by 2.7%, up from 1.5% in the previous quarter.
Growth recovered more than previously projected in Canada (by 1.3%, from minus 0.8%) and there was a robust contribution from some European countries such as Italy and France, the OECD said.
However, GDP growth contracted in several other G20 members, including China, where the quarterly figure narrowed to just 0.2% from 1.2%, and South Korea, where it fell to 0.3% from 0.8%.