Growth slows down in three of five advanced economies; US, UK exceptions

China, Japan, Germany showed weaker rate; for UK, it remained the same

Three of the five advanced economies in the world have reported a slowdown in their gross domestic product (GDP) for the July-September quarter.

China, Japan, and Germany showed weaker growth in the third quarter of the ongoing calendar year 2023 (CY23) compared 

to the same quarter in the previous year, according to data from the Organisation for Economic Cooperation and Development.

China’s GDP grew at 4.9 per cent in Q3 compared to 6.3 per cent in the previous quarter. Similarly, Japan’s economy registered a 1.4 per cent growth compared to 1.9 per cent in the last quarter. Growth in Germany, meanwhile, contracted by 0.4 per cent compared to a 0.1 per cent growth in Q2. And at 0.6 per cent, the Q3 growth for the UK remained almost the same.
 

The only advanced economy to log growth was the United States at 3 per cent against 2.4 per cent in the previous quarter.