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UK GDP rose by 1.0% in Q4 2020. It also increased by 1.0% in the US, but fell by 0.6% in the Eurozone. Compared with a year ago, GDP in Q4 2020 was 7.8% lower in the UK and down 5.0% in the Eurozone. In the US, GDP was 2.5% lower.

G7 quarterly GDP growth in Q4 2020

Please note that headline GDP growth figures across countries are not 100% comparable. For example, the UK takes a different approach than its peers in calculating output in the education and health sectors. This has resulted in the UK’s GDP growth figures during the Covid-19 outbreak to be lower compared with other G7 economies than they otherwise would have been (this effect will unwind during the recovery).


The IMF’s latest forecasts, published 26 January, projected a slightly improved world growth outlook compared with its October forecasts. It forecast UK GDP growth of -10.0% in 2020 and +4.5% in 2021.

IMF 2020 GDP growth forecasts for G7 countries

The OECD’s latest forecasts, published 1 December, project a sharp contraction in the world economy in 2020 due to Covid-19. The UK is forecast to see a 11.2% fall in GDP in 2020, with 4.2% growth in 2021.

OECD latest G7 GDP growth forecasts for 2020

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