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Latest GDP data

In Q4 2023, UK GDP fell by 0.3% compared with the previous quarter (Q3 2023). This was the second successive quarterly fall in GDP, following a 0.1% decline in Q3 2023. Eurozone GDP was unchanged in Q4 2023, with German GDP down by 0.3%. US GDP grew by 0.8% in the same quarter.

Table showing latest quarterly and annual GDP growth rates of the G7 economies

GDP growth in recent years

UK GDP in Q4 2023 was 1.0% above its pre-pandemic level of Q4 2019. This compares with Eurozone GDP being 3.0% higher, with GDP in Germany up by 0.1%. The other G7 economies had higher growth than the UK over this period, including the US where GDP was 8.2% higher.

UK GDP in Q4 2023 was 1.0% above its pre pandemic level, higher than Germany (0.1%), but below the other G7 economies

OECD and IMF forecasts

On 5 February, the OECD published updated forecasts for the world economy. The OECD said that global growth was resilient in 2023, with inflation falling faster than expected. Modest global growth is forecast for 2024 and 2025. The OECD forecasts UK GDP to grow by 0.7% in 2024 and by 1.2% in 2025 (unchanged from its previous forecast made in November).

OECD G7 GDP growth forecasts for 2024 - the US is highest at 2.1%, Germany lowest at 0.3%. The UK is 0.7%

On 30 January, the IMF published updated forecasts for the world economy. The IMF said that global growth had been resilient of late, boosted by strong US growth, and inflation had been falling faster than expected. The IMF forecasts UK GDP to grow by 0.6% in 2024 (unchanged from its previous forecast made in October) and by 1.6% in 2025.

IMF forecasts for GDP growth in 2024 for G7 countries. The UK's forecast 0.6% growth is above Germany's at 0.5% but lower than the other G7 economies

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