GDP increased by 0.8% month-on-month, but there are many differences among member states.
The G20’s gross domestic product (GDP) returned to the level of the end of 2019 before the pandemic began in the first quarter, an increase of 0.8% month-on-month, despite many differences among member states.
The Organization for Economic Cooperation and Development (OECD) stated in a statement today that among the G20 economies, the GDPs of India, Turkey, and China were already higher than pre-pandemic levels in the last quarter of 2020. In the first quarter of this year, Increases were 2.1%, 1.7%, and 0.6% (respectively 9.3%, 1.7%, and 2.6% in the previous quarter).
The GDPs of Australia, South Korea, and Brazil also returned to pre-pandemic levels in the first quarter of 2021, with growth rates of 1.8%, 1.7%, and 1.2%, respectively.
For the remaining G20 economies, GDP still lags behind pre-pandemic levels, and countries have experienced different developments in the first quarter of 2021.
Although GDP growth in the United States (to 1.6% vs. 1.1% in the fourth quarter of 2020) and Italy (to 0.1% and shrinking by 1.8%) accelerated, Indonesia’s growth slowed (to 1.6% vs. 2020%), Canada (increased to 1.4% vs. 2.2%), South Africa (increased to 1.1% vs. 1.4%) and Mexico (increased to 0.8% vs. 3.2%).
Germany (shrinkage 1.8%, increase 0.5%), the United Kingdom (shrink 1.5%, increase 1.3%), Japan (shrink 1.0%, increase 2.8%) and even show negative growth) and Saudi Arabia (shrink 0.1%, increase 2.5%).
In France, GDP continued to contract for the second consecutive quarter, albeit at a slower rate (-0.1% vs. -1.5%).
Overall, the pre-pandemic GDP levels of the United Kingdom and Italy have the largest differences, at -8.7% and -6.4%, respectively, but the differences in Germany, France, the Eurozone, and the European Union are still more than 4.0%.
Among the G20 economies, China, which was earlier affected by the epidemic, had the highest year-on-year growth (18.3%), and the UK had the largest year-on-year contraction (-6.1%).