Based on provisional estimates from the OECD, the G20 region experienced a quarterly increase in gross domestic product of 0.7% during the fourth quarter of 2023, representing a marginal decline from the previous quarter's growth rate of 0.8%. The fourth quarter of 2023 had varied economic success among G20 members. GDP growth slowed in China (to 1.0% in the fourth quarter from 1.5% in the third quarter) and the United States (to 0.8% versus 1.2% in the third quarter). Mexico's GDP growth rate declined from 1.1% in the third quarter of 2023 to 0.1% in the fourth. GDP growth slowed slightly in Australia and turned negative in Germany and the United Kingdom (-0.3% in the fourth quarter in both countries). GDP growth accelerated in the remaining G20 countries, particularly Turkey (to 1.0% in the fourth quarter, up from 0.3% in the third), while Canada and Japan rebounded from contractions in the previous quarter. Indonesia (1.2%), Korea (0.6%), Italy (0.2%), and Brazil (0.0%) all maintained their third-quarter growth rates.
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