In the first quarter of 2022, the gross domestic product of the G20 region rose 0.7% on a quarterly basis according to provisional estimates by the Organization for Economic Co-operation and Development, down from the 1.3% recorded in the fourth quarter of 2021.
The slowdown in the G20 region in the first quarter of 2022 reflects mainly poor performance in the United States,1 where GDP contracted 0.4% q-o-q after rising 1.7% in the fourth quarter of 2021. This is mainly due to changes In net trade (exports minus imports) and decreases in inventory investment (reducing inventories) and government spending on COVID-19 aid.
In Australia and Indonesia, growth slowed by more than two percentage points between the fourth quarter of 2021 and the first quarter of 2022. Growth slowed to a lesser extent in Canada, China, India, Italy, Korea, Turkey and the United Kingdom. The United Kingdom in the first quarter of 2022, while there was a contraction of GDP in France and Japan by 0.2% and 0.1%, respectively.
Despite the trend of the G20 region as a whole, Brazil, Germany, Mexico, Saudi Arabia, South Africa and the European Union as a whole recorded stronger growth in the first quarter of 2022 compared to the fourth quarter of 2021. Growth in Saudi Arabia (2.6%) was the highest among the G-20 economies. 20, driven by a sharp increase in oil activities.
In the OECD region, which includes 38 countries, including twelve of the Group of Twenty countries, GDP growth is now estimated at 0.3% in the first quarter of 2022. This figure has been revised from 0.1% growth estimated three years ago. 2 weeks based on primary countries GDP releases. Since then, among the G7 countries, quarter-on-quarter GDP growth in the first quarter of 2022 has been revised upwards in Italy and Japan and downwards in Canada and France. In addition, Ireland published its estimate of GDP growth for the first quarter of 2022, which added approximately 0.1 percentage point to GDP growth for the OECD region.
The UK and South Africa exceeded the pre-epidemic GDP level (Q4 2019) for the first time in the first quarter of 2022, by 0.7% and 0.5%, respectively, while Italy reached the pre-epidemic GDP level. time. Among the G20 economies, the GDPs of Germany, Japan and Mexico remained below pre-pandemic levels (0.9%, 0.6%, and 2.1%, respectively) in the first quarter of 2022.
with information from press release
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