OECD confirms record G20 GDP growth at 8.1%

The G20's gross domestic product (GDP) recorded an 8.1% rebound in the third quarter of the year after an unprecedented slump in the immediately preceding quarter, when it fell by 6.6%, according to data released on Monday by the Organisation for Economic Co-operation and Development (OECD).

Despite the large quarterly increase between July and September, GDP is still 2.4% below the levels recorded at the end of 2019.

In OECD countries as a whole, GDP rose by 9.1% in the third quarter, after falling by 10.5% in the second quarter and 1.8% in the fourth quarter. Thus, the body's countries as a whole still have a GDP 4.2% lower than in the quarter before the pandemic.

The quarterly rise in G20 GDP was led by widespread growth in all countries. The largest increases were seen in India (+21.9%), France (+18.7%) and Italy (+15.9%), while the smallest increases were seen in Saudi Arabia (+1.2%), South Korea (+2.1%) and China (+2.7%).

The euro area recorded a 12.5% rebound from the previous quarter, while the United States rebounded by 7.4% and the United Kingdom by 15.5%.

Compared with the third quarter of 2019, GDP fell by 2%, after contracting by 8.9% between April and June.

Spain, which is not part of the G20, although it has been a permanent guest of the forum since 2008, recorded a 16.7% increase in GDP in the third quarter of 2020.