Published: 12:52, December 15, 2023 | Updated: 21:17, December 15, 2023
OECD: China's Q3 economic growth rises to 1.3%
By Xinhua

A worker inspects a vehicle before it rolls off the production line at an automobile manufacturing factory in Qingdao, Shandong province, China, Jan 14, 2023. (PHOTO / XINHUA)

PARIS - China's economic growth rose to 1.3 percent in the third quarter (Q3) of 2023, compared to 0.5 percent in the previous quarter, the Organization for Economic Co-operation and Development (OECD) said on Thursday.

According to the OECD's provisional estimates, China, the United States and Mexico were the only three countries among the G20 to achieve positive growth last quarter.

After rising in the previous quarter, GDP contracted in Japan by 0.7 percent, in Canada by 0.3 percent, in South Africa by 0.2 percent and by 0.1 percent in Germany and France, the OECD added

Italy's growth recovered to 0.1 percent in Q3, following a contraction of 0.4 percent in Q2. Meanwhile, growth in South Korea remained stable at 0.6 percent, the OECD said.

ALSO READ: World Bank, ADB project China GDP growth of 5.2% in 2023

The organization said that growth weakened in the remaining G20 countries, in particular in Saudi Arabia and Türkiye, due to a strong decrease in oil activities, and a decrease in private consumption.

READ MORE: ADB upgrades China's 2023 growth outlook to 5.2%

After rising in the previous quarter, GDP contracted in Japan by 0.7 percent, in Canada by 0.3 percent, in South Africa by 0.2 percent and by 0.1 percent in Germany and France, the OECD added.

GDP in the G20 area grew by 2.9 percent in Q3, down from 3.6 percent in the previous quarter, the OECD said.

ALSO READ: CPC leadership sets policy agenda for stable growth in 2024

The G20 countries represent around 85 percent of global GDP, over 75 percent of global trade and around two-thirds of the world's population.