GROSS domestic product (GDP) growth in the G20 area remained relatively stable in Q2 2024, with a 0.7% quarter-on-quarter increase according to provisional estimates, slightly down from 0.8% in the previous quarter (Figure 1). 

China, India, and the United States contributed the most to G20’s economic growth in Q2 2024,  although Brazil and Saudi Arabia saw the highest growth rates (both at 1.4%). Growth in both China and India slowed (from 1.5% to 0.7% and from 1.7% to 1.3%, respectively). Japan saw a significant recovery, from a 0.6% contraction in Q1 to a 0.7% expansion in Q2, whereas the United States recorded a more modest increase, from 0.4% to 0.7%.

The remaining G20 countries experienced weaker growth than the G20 as a whole, with GDP in Korea and Germany even contracting (by 0.2% and 0.1%, respectively). Growth in Türkiye slowed sharply, from 1.4% to 0.1%. France, Italy, and the United Kingdom recorded minor decreases (with growth rates of 0.2%, 0.2% and 0.6% respectively). On the other hand, Canada and Mexico saw small increases (to 0.5% and 0.2%, respectively), while growth picked up in South Africa to 0.4% in Q2, after no growth in Q1. Growth remained stable in Australia at 0.2% and little change was observed in the European Union and the euro area, both zones recording 0.2% in Q2 compared to 0.3% in Q1 2024. 

Compared with the same quarter of the previous year, GDP in the G20 area grew by 3.1% in Q2 2024, slightly down from 3.2% in the previous quarter. Among G20 economies, India recorded the highest year-on-year growth rate (6.8%) in Q2, followed by Indonesia (5.0%). Japan recorded the largest fall (-0.9%).