"Comparing runtime, space consumption, and virtual memory footprints over a range of benchmarks, we show that the runtime performance of the best-performing garbage collector is competitive with explicit memory management when given enough memory. In particular, when garbage collection has five times as much memory as required, its runtime performance matches or slightly exceeds that of explicit memory management. However, garbage collection’s performance degrades substantially when it must use smaller heaps. With three times as much memory, it runs 17% slower on average, and with twice as much memory, it runs 70% slower. Garbage collection also is more susceptible to paging when physical memory is scarce. In such conditions, all of the garbage collectors we examine here suffer order-of-magnitude performance penalties relative to explicit memory management."

https://www.cs.tufts.edu/comp/150FP/archive/emery-berger/gc-...

Still, a good GCed language will be much faster than Python, especially when not under such memory constraints.