Gross domestic product (GDP) of the G20 area grew by 1.7% between the second and the third quarter of 2021, up from a moderate quarter-on-quarter growth rate of 0.4% in the second quarter, according to provisional OECD estimates.
The relatively strong growth in the third quarter reflects a rebound in India, where GDP rose by 12.7%, after a contraction of 11.6% in the second quarter. GDP also rose markedly in Saudi Arabia (5.8%) and in Turkey (2.7%).
Growth recovered more than previously estimated in Canada (by 1.3%) and there was a robust economic expansion in European countries including France and Italy.
However, several other G20 countries recorded a deceleration or a contraction in GDP growth. In China, quarter-on-quarter GDP growth slowed to just 0.2% from 1.2%, and in Korea to 0.3%, from 0.8%.
Decelerating private consumption led to economic contraction in Australia (-1.9%), South Africa (-1.5%) and Indonesia (1.6%), whereas export declines prompted negative growth in Brazil (-0.1%).
While GDP for the G20 area as a whole exceeded its pre-pandemic level in the first quarter of 2021, half of the G20 economies, including all G7 economies except the United States, remain below pre-pandemic levels.
In both the US (0.3%) and the United Kingdom (1.5%) quarter-on-quarter growth slowed in the third quarter.
This trend continued in the UK in October, where output rose just 0.1% between September and October amid supply chain disruptions and a slowing hospitality sector.
In the US, however, real GDP grew faster than expected, pushed by unexpected surges in inventory investment and exports in October, according to IHS Markit.
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