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UK GDP fell by 20.4% in Q2 2020, compared with the previous quarter. Eurozone GDP fell by 11.8%, while US GDP declined by 9.1%. In Germany, GDP fell by 9.7%, while in France it declined by 13.8%.

Quarterly GDP growth in main G7 economies 

Headline GDP growth figures across countries are not always 100% comparable. For example, during the Covid-19 outbreak, statisticians in different countries have taken different approaches to calculating output in the education and health sectors.

Forecasts

The OECD’s latest forecasts, published 16 September, project a sharp contraction in the world economy in 2020 due to Covid-19. The UK is forecast to see a 10.1% fall in GDP in 2020, with 7.6% growth in 2021.

OECD forecasts for G7 growth in 2020

The IMF’s latest forecasts, published 24 June, also project a large contraction in the world economy in 2020 due to Covid-19. The UK is forecast to see a GDP decline by 10.2% in 2020, with GDP growth of 6.3% in 2021.


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