G20 area GDP back to pre-pandemic level in Q1

ANKARA

The overall gross domestic product (GDP) of the G20 area bounced back to its pre-pandemic level in the first quarter of this year, the Organization for Economic Cooperation and Development (OECD) said on Thursday.

The G20 area’s GDP grew 0.8% quarter-on-quarter and 3.4% year-on-year, the OECD said.

China, which COVID-19 hit earlier than other countries, posted the highest annual growth (18.3%), while the UK saw the largest annual fall (minus 6.1%) in January-March.

On a quarterly basis, India, Turkey, and China continued their recoveries, with growth of 2.1%, 1.7%, and 0.6%, respectively.

Turkey has touted its resilience in returning to economic growth relatively early during the course of the pandemic.

Also returning to pre-pandemic levels in the first quarter of this year, Australia, South Korea, and Brazil posted economic growth of 1.8%, 1.7% and 1.2%, respectively.

The US economy expanded by 1.6% in the first quarter.

"For the remaining G20 economies, GDP is still lagging behind pre-pandemic levels, with countries recording diverging developments in the first quarter of 2021," it said.

Compared to the pre-pandemic GDP levels in 2019, the UK and Italy saw the largest gaps, contracting by 8.7% and 6.4%, respectively.

The Turkish economy grew 6.8% in the first quarter of 2021 compared to the last quarter of 2019, data showed.