While the economic growth of G20 countries in the first quarter of this year was 0.9 percent on average, Turkey was the country with the highest economic growth among G20 countries in this period with 2.4 percent.
According to the preliminary economic growth data for the first quarter of the year announced by the Organization for Economic Cooperation and Development (OECD), economic growth in G20 countries increased slightly compared to 0.7 percent in the previous quarter.
G20 economies grew by an average of 0.9 percent in the first quarter of this year compared to the previous quarter.
The driving force of the economic performance was the growth in the economies of China and India. China, India, Turkey, Saudi Arabia, South Korea and Indonesia recorded higher growth than the G20 as a whole.
Turkey recorded the highest economic growth among G20 countries with 2.4 percent, followed by India with 1.9 percent, China with 1.6 percent, Saudi Arabia with 1.4 percent, South Korea with 1.3 percent and Indonesia with 1.2 percent.
In Saudi Arabia, the economy recovered in the first quarter of this year after contracting by 0.6 percent in the last quarter of last year.
Economic growth in China, South Korea and Turkey increased compared to the last quarter of last year, while it fell slightly in India and Indonesia.
The US economy grew by 0.3 percent in the first quarter of this year, marking a slowdown from 0.8 percent growth in the previous quarter.
In Japan, the economy contracted by 0.5 percent and in South Africa by 0.1 percent. Brazil, Britain and Germany were the countries where economic recovery was seen in the first quarter of this year, following the contraction in the last quarter of 2023.
Economic growth in G20 countries was calculated as 3.3 percent on an annual basis in the first quarter of this year. Among G20 countries, India recorded the highest annual economic growth of 8.4 percent, followed by Turkey with 7.4 percent.
Saudi Arabia’s economy shrank by 1.5 percent on an annual basis in the first quarter of this year and became the country with the highest contraction among G20 countries.
