Growth in the world’s largest economies has slowed in the second quarter of 2021 but there are large differences among the growth rates of individual countries.
Gross domestic product of the G20 area as a whole grew by 0.4% during the period, down from 0.9% in the first quarter of the year.
Correspondingly, growth rates declined in several countries including Turkey (to 0.9%, from 2.2%), Korea (to 0.8%, from 1.7%) and Australia (to 0.7%, from 1.9%).
GDP contracted sharply in India (-10.2%, after 2.3% growth) and to a lesser extent in Canada (-0.3%, after 1.4% growth) and Brazil (-0.1%, after 1.2% growth).
At the same time, economic growth resumed in the United Kingdom (4.8%, following a contraction of 1.6% in the first quarter), in the European Union (2.1%, -0.1% in Q1), in Germany (1.6%, -2% in Q1), in Saudi Arabia (1.1%, -0.5% in Q1) and in Japan (0.5%, -1.1% in Q1).
The remaining G20 economies recorded accelerating growth rates in the second quarter of 2021: Italy (2.7%), the United States (1.6%), Mexico (1.5%), China and Indonesia (1.3%) and France (1.1%).
In the second quarter of 2021, the GDP for the G20 area as a whole exceeded its pre-pandemic level (Q4 2019) by 0.7%. This was mainly the result of the recovery rates of the Chinese and Turkish economies during that time of 8.2% and 8.8%, respectively.
Meanwhile, most countries are still trailing pre-pandemic levels, with India experiencing the largest gap (-8.1%), followed by the UK (-4.4%) and Italy (-3.8%).