FACT CHECK: Adamu Garba Falsely Claims BRICS GDP Has Overtaken G7
Adamu Garba, a Chieftain of the All Progressives Congress (APC) on Monday claimed that the GDP of BRICS countries has surpassed that of the G7.
Garba made the claim on Twitter where he listed 15 other countries that will join the BRICS.
BRICS is an acronym for five leading emerging economies: Brazil, Russia, India, China and South Africa.
In 2001, Goldman Sachs economist, Jim O’Neill, coined the term BRIC to describe fast-growing economies that would collectively dominate the global economy by 2050.
South Africa was included in 2010.
Meanwhile, the International Group of Seven (G7) is an intergovernmental political forum comprising Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union (EU).
Garba claimed, “BRICS GDP- 31.5%. G7 GDP- 30.7%. BRICS have overtaken the world’s most advanced economies, the G7. Countries to be approved as members soon: Algeria, Argentina, Bahrain, Bangladesh, Indonesia, Iran, Egypt, Mexico, NIGERIA, Pakistan, Sudan, Syria, Türkiye, the UAE and Venezuela.”
But contrary to Garba’s claim, the combined GDP of BRICS is $25.27trn or about half (46.6 per cent) of the G7 GDP.
According to China’s National Bureau of Statistics, the country’s GDP in 2022 was RMB 121.02trn OR $17.9trn.
Russia’s GDP $1.77trn (World Bank); India’s GDP was $3.46trn, Brazil’s GDP was $1.89trn while South Africa’s GDP was $251bn or R4.60trn in 2022 (Statistics South Africa).
Meanwhile, the combined GDP of the G7 countries as of 2022 ending was $45.2trn (excluding the EU).
US GDP in 2022 was $25.46trn according to the Bureau of Economic Analysis.
UK was £2.491trn ($3.19trn) according to Parliament Uk report; Italy’s GDP was $2.57trn; Canada $2.2trn; Japan’s GDP was $4.9trn (Wikipedia); Germany’s GDP in 2022 was (eur3.8trn) $4.19trn according to German Federal Statistical Office while France recorded a GDP of $2.77trn (Wikipedia).
False. Official data of the GDP of the countries belonging to the BRICS shows their combined GDP is far less than the G7 GDP by $19.9trn.