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UK GDP rose by 15.5% in Q3 2020, compared with the previous quarter. This follows a 19.8% deceline in Q2 2020. Compared with the same quarter a year before (that is, Q3 2019) GDP was -9.6%. In the Eurozone it was -4.4% and in the US it was -2.9%.

Latest GDP growth in major 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 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

The IMF’s latest forecasts, published 13 October, 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.

IMF G7 GDP growth forecasts 2020


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