This slowdown caps off a volatile year for the G20 area, in which GDP growth fell from 0.7% in Q1 2022 to minus 0.2% in Q2, before rising and then falling again in third and fourth quarters, says the Organization for Economic Co-operation and Development.
The slowdown in the G20 area in Q4 2022 and previous volatility in 2022 mirrored trends in China, which accounts for almost a quarter of total G20 GDP, it said in a statement.
Growth in China fell from 3.9% in Q3 2022 to zero in Q4, as the easing of COVID-19 restrictions was accompanied by a rapid spread of infections that affected various sectors of the economy, she continued, adding that GDP growth also slowed or turned negative in most other G20 countries in Q4 2022.
In South Africa, GDP contracted by 1.3%, after growth of 1.8% in the third quarter, as well as in Germany and Korea (minus 0.4% in both countries), in Brazil (minus 0.2%) and Italy (minus 0.1%).
On the other hand, GDP grew relatively rapidly in Indonesia (2.2%), Saudi Arabia (1.3%) and Turkey (0.9% after a slight contraction in Q3 2022.
In the euro zone, Canada, Japan and the United Kingdom, growth remained stable in the fourth quarter.
Early estimates of annual GDP growth indicate that GDP continued to grow in the G20 area in 2022 (3.2%), but at less than half the rate of 2021 (6.3%), when economies were recovering from the initial impact of the COVID-19 pandemic.
Among the G20 countries, Saudi Arabia recorded the highest annual growth in 2022 (8.7%), followed by India (6.7%), Turkey (5.6%) and the Indonesia (5.3%). Japan recorded the weakest growth (1.0%).