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MOSCOW, March 31 Russia in 2023 became the fifth fastest growing economy in the G20, according to an analysis of data from national statistical services.
The Russian economy grew by 3.6 percent, fully compensating for the 2022 decline of 1.2 percent.
India's economy grew the most, accelerating from 7.2 to 7.3 percent. China comes next with growth of 5.2 percent, after three percent a year earlier. The top three is completed by Indonesia, whose GDP increased by 5.1 percent compared to 5.3 percent in 2022. The growth rate of Turkey's economy slowed last year from 5.5 to 4.5 percent.
In addition to Russia, China and India, GDP growth rates among the G20 countries also accelerated in the United States — to 2.5 percent from 1.9 percent a year earlier, as well as in Japan — to 1.9 percent from one percent.
In other countries it slowed down, the most among the G7: in the UK — 43 times, to 0.1 percent, in Italy — four times, to 0.9 percent, in France and Canada — three times, to 0.9 percent and 1.1 percent, respectively.
Argentina was the last among the G20 countries to disclose GDP data for 2023: it decreased by 1.6 percent against economic growth of five percent in the previous year. Saudi Arabia (0.8 percent) and Germany (0.3 percent) also recorded declines, while their economies grew by 7.5 percent and 1.8 percent, respectively, in the previous year. For these three countries, this is the first contraction in GDP since 2020.
In Mexico, GDP increased by 3.2 percent versus 3.9 percent a year earlier, in Australia — by 2.7 percent versus 3.7 percent , and in South Korea — by 1.4 percent versus 2.6 percent. At the same time, in the EU, which is also part of the G20, economic growth rates fell to 0.4 percent from 3.4 percent.
BRICS members Brazil and South Africa showed economic growth, although in the African country it slowed to 0.6 percent from 1.9 percent, and in Latin America to 2.9 percent from three percent.