China's Q3 economic growth rises to 1.3 pct: OECD

PARIS, Dec. 14 (Xinhua) -- 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.

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.

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.

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.

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.