In the first quarter of 2022, gross domestic product (GDP) in the G20 area rose by 0.7 per cent quarter-on-quarter (QoQ) according to provisional estimates, down from the 1.3 per cent increase recorded in the fourth quarter of 2021, according to the Organisation for Economic Co-operation and Development (OECD).
The slowdown in the G20 area in Q1 2022 mainly reflects weaker performance in the United States, where GDP contracted by 0.4 per cent QoQ after rising by 1.7 per cent 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 and the United Kingdom in Q1 2022, while in France and Japan there were GDP contractions of 0.2 per cent and 0.1 per cent respectively, the OECD said in a media release.
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