GDP Annual Growth Rates for major economies as of 06/05/2023

The GDP annual growth rates for major economies have been mixed in recent months. In May 2023, the average GDP annual growth rate for the top 24 economies was 2.139167%, down from 2.4575% in March 2023. The largest decrease in GDP growth was in Australia, where the rate fell from 5.9000% to 2.7000%. Other countries with significant decreases in GDP growth included Argentina (5.9000% to 1.9000%), and Brazil (1.9000% to 4.0000%).

The countries with the highest GDP growth rates in May 2023 were Turkey (4.0000%), China (4.5000%), and India (6.1000%). The countries with the lowest GDP growth rates were South Africa (0.9000%), Germany (-0.5000%), and Russia (-1.9000%).

While the GDP growth rate is mixed, there are some positive signs. The unemployment rate is declining in many countries, which is a sign of a healthy labor market. Additionally, consumer spending remains strong in many countries, which is another sign of a healthy economy.

Overall, the GDP growth rate for major economies is mixed in recent months. There are a number of factors that have contributed to this mixed performance, including the war in Ukraine, rising inflation, and tightening monetary policy. However, there are some positive signs, such as the declining unemployment rate and strong consumer spending.

 +----+----------------+-----------+------------+-------------+--------+--------------+

|    | Country        |   Current |   Previous | Reference   | Unit   |   Difference |
|----+----------------+-----------+------------+-------------+--------+--------------|
|  0 | United States  |   1.6     |     0.9    | Mar/23      | %      |     0.7      |
|  1 | United Kingdom |   0.2     |     0.6    | Mar/23      | %      |    -0.4      |
|  2 | Turkey         |   4       |     3.5    | Mar/23      | %      |     0.5      |
|  3 | Switzerland    |   0.6     |     0.7    | Mar/23      | %      |    -0.1      |
|  4 | Spain          |   3.8     |     2.9    | Mar/23      | %      |     0.9      |
|  5 | South Korea    |   0.9     |     1.3    | Mar/23      | %      |    -0.4      |
|  6 | South Africa   |   0.9     |     4.2    | Dec/22      | %      |    -3.3      |
|  7 | Singapore      |   0.4     |     2.1    | Mar/23      | %      |    -1.7      |
|  8 | Saudi Arabia   |   3.9     |     5.5    | Mar/23      | %      |    -1.6      |
|  9 | Russia         |  -1.9     |    -2.7    | Mar/23      | %      |     0.8      |
| 10 | Netherlands    |   1.9     |     3.2    | Mar/23      | %      |    -1.3      |
| 11 | Mexico         |   3.7     |     3.6    | Mar/23      | %      |     0.1      |
| 12 | Japan          |   1.3     |     0.4    | Mar/23      | %      |     0.9      |
| 13 | Italy          |   1.9     |     1.4    | Mar/23      | %      |     0.5      |
| 14 | Indonesia      |   5.03    |     5.01   | Mar/23      | %      |     0.02     |
| 15 | India          |   6.1     |     4.5    | Mar/23      | %      |     1.6      |
| 16 | Germany        |  -0.5     |     0.8    | Mar/23      | %      |    -1.3      |
| 17 | France         |   0.9     |     0.6    | Mar/23      | %      |     0.3      |
| 18 | Euro Area      |   1.3     |     1.8    | Mar/23      | %      |    -0.5      |
| 19 | China          |   4.5     |     2.9    | Mar/23      | %      |     1.6      |
| 20 | Canada         |   2.21    |     2.07   | Mar/23      | %      |     0.14     |
| 21 | Brazil         |   4       |     1.9    | Mar/23      | %      |     2.1      |
| 22 | Australia      |   2.7     |     5.9    | Dec/22      | %      |    -3.2      |
| 23 | Argentina      |   1.9     |     5.9    | Dec/22      | %      |    -4        |
| 24 | Average        |   2.13917 |     2.4575 |             |        |    -0.318333 |
+----+----------------+-----------+------------+-------------+--------+--------------+

The following charts depict the comparison of GDP annual growth rates with respect to the previous period. The data reveals a mixed signal, with some countries experiencing negative growth rates while others demonstrate positive growth rates.