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Latest GDP data

In Q1 2024, UK GDP increased by 0.6% compared with the previous quarter (Q4 2023), following two successive quarters of contraction. Eurozone GDP rose by 0.3%, while US GDP grew by 0.4% in Q1 2024. 

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

GDP growth in recent years

UK GDP in Q1 2024 was 1.7% above its pre-pandemic level of Q4 2019. This compares with Eurozone GDP being 3.4% higher, with GDP in Germany up by 0.3%. The US had the highest GDP growth among G7 economies over this period at 8.7%. 

UK GDP is 1.7% above its pre pandemic level, higher than Germany (0.3%). Other G7 economies have grown faster than te UK over this period, according to latest GDP data

OECD and IMF forecasts

On 2 May, the OECD published new forecasts for the world economy. The OECD said the global economy is growing “at a modest pace”, with the effects of higher interest rates being felt. However, unemployment is low by historical standards. The OECD forecasts UK GDP to grow by 0.4% in 2024 and by 1.0% in 2025 (a little lower than its previous forecast).

On 16 April, the IMF published new forecasts for the world economy. The IMF said that global growth has been “surprisingly resilient”. However, global GDP growth over the next five years are expected to be low by historical standards. The IMF forecasts UK GDP to grow by 0.5% in 2024  and by 1.5% in 2025 (little changed from its previous forecast).

IMF forecasts for GDP growth in 2024 for G7 countries. The UK's forecast 0.5% growth is above Germany's at 0.2% but a little lower than the other G7 economies, with the exception of the US which has higher growth at 2.7%

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