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G20 GDP Showed A Strong Recovery In The Third Quarter Of 2020, But Remained Below Pre-Pandemic High

Gross domestic product (GDP) in the G20 area rebounded by 8.1% in the third quarter of 2020 following the unprecedented falls in the first half of the year due to COVID-19 containment measures. However, GDP remained 2.4% below its pre-crisis high of the final quarter of 2019.

Among the G20 economies, GDP in India rebounded strongest, by 21.9%, following a fall of 25.2% in the second quarter, the sharpest drop ever recorded.

GDP also rebounded with double-digit numbers in the third quarter, after double-digit falls in the second quarter, in France (by 18.7%, following a contraction of (minus) 13.8%), Italy (by 15.9%, after minus 13.0%), Turkey (by 15.6%, after minus 10.8%), United Kingdom (by 15.5%, after minus 19.8%), South Africa (by 13.5%, after minus 16.6%) and Mexico (by 12.1%, after minus 17.0%). GDP also grew in the other major economies: 8.9% in Canada; 8.5% in Germany; 7.7% in Brazil; 7.4% in the United States; 5.3% in Japan; 3.3% in Australia; 3.1% in Indonesia; 2.7% in China; 2.1% in Korea; and 1.2% in Saudi Arabia.

GDP in the G20 area as a whole remained significantly below the levels of the same quarter a year earlier (minus 2.0%), with only Turkey and China recording positive growth (of 5.4% and 4.9%, respectively), while the United Kingdom experienced the largest fall (minus 9.6%). A similar picture emerges when comparing economic activity in the third quarter with pre-pandemic levels, as approximated by the cumulative growth rate for the first three quarters of 2020.

See the full release.

Visit the interactive OECD Data Portal to explore this data further

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