GDP – International Comparisons: Key Economic Indicators

Latest GDP data

In Q3 2024, UK GDP increased by 0.1% compared with the previous quarter (Q2 2024), slower than 0.5% in Q2. GDP growth in the Eurozone was 0.4% in Q3 2024, while US GDP rose by 0.7% over the quarter. 

GDP growth in recent years

UK GDP in Q3 2024 was 3.0% above its pre-pandemic level of Q4 2019. This compares with Eurozone GDP being 4.6% higher, with GDP in Germany only 0.2% higher. The US had the highest GDP growth among G7 economies over this period at 11.4%. 

IMF and OECD forecasts

On 22 October, the IMF published new forecasts for the world economy. The IMF expects global growth to remain stable but underwhelming. Meanwhile, its chief economist said that “it looks like the global battle against inflation has largely been won“. The IMF lifted its forecast for UK GDP growth in 2024 from 0.7% to 1.1%. It left its forecast for UK GDP growth in 2025 unchanged at 1.5%.

On 25 September, the OECD published new forecasts for the world economy. The OECD struck a positive note about the global economy, saying that it is “turning the corner” and noting “ongoing growth momentum”. The OECD lifted its forecast for UK GDP growth in 2024 from 0.4% to 1.1%. It also raised its forecast for 2025 from 1.0% to 1.2%.

This briefing is part of our Economic Indicators series. Visit the main Economic Indicators page to see data on other parts of the economy.