14 June 2022 – In the first quarter of 2022, gross domestic product (GDP) in the G20 area rose by 0.7% quarter-on-quarter according to provisional estimates, down from the 1.3% increase recorded in the fourth quarter of 2021 (Figure 1).
The slowdown in the G20 area in Q1 2022 mainly reflects weaker performance in the United States,1 where GDP contracted by 0.4% quarter-on-quarter after rising by 1.7% in Q4 2021. This was mainly due to changes in net trade (exports minus imports) and decreases in inventory investment (destocking) and in government spending on COVID-19 assistance.
In Australia and Indonesia, growth slowed by more than 2 percentage points between Q4 2021 and Q1 2022. Growth slowed to a lesser extent in Canada, China, India, Italy, Korea, Turkey andthe United Kingdom in Q1 2022, while in France and Japan there were GDP contractions of 0.2% and 0.1% respectively.
Despite the trend for the G20 area as a whole, Brazil, Germany, Mexico, Saudi Arabia, South Africa and the European Union as a whole recorded stronger growth in Q1 2022 than in Q4 2021. Growth in Saudi Arabia (2.6%) was the highest among G20 economies, driven by a marked increase in oil activities.
In the OECD area, which comprises 38 countries including a dozen G20 countries, GDP growth is now estimated at 0.3% in Q1 2022. This figure has been revised from 0.1% growth estimated three weeks ago2 based on countries’ preliminary GDP releases. Since then, among G7 countries, GDP quarter-on-quarter growth in Q1 2022 has been revised upwards in Italy and Japan and downwards in Canada and France. Also, Ireland has published its Q1 2022 GDP growth estimate, which has added almost 0.1 percentage points to OECD area GDP growth.3
The United Kingdom and South Africa exceeded their pre-pandemic (Q4 2019) level of GDP for the first time in Q1 2022, by 0.7% and 0.5% respectively, while Italy reached its pre-pandemic (Q4 2019) level of GDP for the first time. Among the G20 economies, GDP in Germany, Japan and Mexico remained below pre-pandemic levels (by 0.9%, 0.6% and 2.1% respectively) in Q1 2022 (Figure 2).
Are you serious with Turkey growth rate?
It make sense why Serbia is being defensive about joining EU. Average non-eu developing country is just performing better then eu country.
Compare EU Croatia vs non-EU Serbia GDP growth in the last 10 years. Serbia had been growing steadily, despite all the NATO\EU sanctions, while Croatia has declined in GPD per capita and lost 15-20% of it’s population, mutch worse than Serbia.
With all this population shuffling, EU still managed to be the least performing region in the world.
Did someone put the decimal in the wrong place for Turkey as it looks like it…
Real GDP growth is hard to calculate for Turkey because of the massive inflation. Let’s wait a few more years before making any conclusion.
On the other hand, Turkey could take adventage of the EU-Russia trade war, I expect some industrial companies opting for Turkey instead of other Central and Eastern European countries.
Growth of Turkey is probably true. But it is not a growth that benefits the ordinary citizen, only the capital grows richer..
Inflation + cheaper labor.
Growth doesn’t always translate into improved life standard of the citizens.
The turkish companies are exporting more, they are paying their citizens more in Turkish Lira but much less in “real money” USD. So basically the gap in wealth distribution is deepening.
12 comments
[Source](https://www.oecd.org/newsroom/g20-gdp-growth-first-quarter-2022-oecd.htm)
14 June 2022 – In the first quarter of 2022, gross domestic product (GDP) in the G20 area rose by 0.7% quarter-on-quarter according to provisional estimates, down from the 1.3% increase recorded in the fourth quarter of 2021 (Figure 1).
The slowdown in the G20 area in Q1 2022 mainly reflects weaker performance in the United States,1 where GDP contracted by 0.4% quarter-on-quarter after rising by 1.7% in Q4 2021. This was mainly due to changes in net trade (exports minus imports) and decreases in inventory investment (destocking) and in government spending on COVID-19 assistance.
In Australia and Indonesia, growth slowed by more than 2 percentage points between Q4 2021 and Q1 2022. Growth slowed to a lesser extent in Canada, China, India, Italy, Korea, Turkey andthe United Kingdom in Q1 2022, while in France and Japan there were GDP contractions of 0.2% and 0.1% respectively.
Despite the trend for the G20 area as a whole, Brazil, Germany, Mexico, Saudi Arabia, South Africa and the European Union as a whole recorded stronger growth in Q1 2022 than in Q4 2021. Growth in Saudi Arabia (2.6%) was the highest among G20 economies, driven by a marked increase in oil activities.
In the OECD area, which comprises 38 countries including a dozen G20 countries, GDP growth is now estimated at 0.3% in Q1 2022. This figure has been revised from 0.1% growth estimated three weeks ago2 based on countries’ preliminary GDP releases. Since then, among G7 countries, GDP quarter-on-quarter growth in Q1 2022 has been revised upwards in Italy and Japan and downwards in Canada and France. Also, Ireland has published its Q1 2022 GDP growth estimate, which has added almost 0.1 percentage points to OECD area GDP growth.3
The United Kingdom and South Africa exceeded their pre-pandemic (Q4 2019) level of GDP for the first time in Q1 2022, by 0.7% and 0.5% respectively, while Italy reached its pre-pandemic (Q4 2019) level of GDP for the first time. Among the G20 economies, GDP in Germany, Japan and Mexico remained below pre-pandemic levels (by 0.9%, 0.6% and 2.1% respectively) in Q1 2022 (Figure 2).
Are you serious with Turkey growth rate?
It make sense why Serbia is being defensive about joining EU. Average non-eu developing country is just performing better then eu country.
Compare EU Croatia vs non-EU Serbia GDP growth in the last 10 years. Serbia had been growing steadily, despite all the NATO\EU sanctions, while Croatia has declined in GPD per capita and lost 15-20% of it’s population, mutch worse than Serbia.
With all this population shuffling, EU still managed to be the least performing region in the world.
Did someone put the decimal in the wrong place for Turkey as it looks like it…
Real GDP growth is hard to calculate for Turkey because of the massive inflation. Let’s wait a few more years before making any conclusion.
On the other hand, Turkey could take adventage of the EU-Russia trade war, I expect some industrial companies opting for Turkey instead of other Central and Eastern European countries.
Growth of Turkey is probably true. But it is not a growth that benefits the ordinary citizen, only the capital grows richer..
Inflation + cheaper labor.
Growth doesn’t always translate into improved life standard of the citizens.
The turkish companies are exporting more, they are paying their citizens more in Turkish Lira but much less in “real money” USD. So basically the gap in wealth distribution is deepening.
how is inflation influencing this?
Literally europoor
Bayraktar sales go BRRRR 🇹🇷🇺🇦
Türkiye numba one ☝🏿☝🏿☝🏿☝🏿☝🏿
Whole comment section is about Turkey.