 |
answer text |
<p>Her Majesty’s government regularly looks at UK economic growth in the context of
growth in other advanced economies, including those in the G7. The Office for National
Statistics publishes UK figures monthly, quarterly, and annually.</p><p> </p><p>There
are different metrics by which international GDP growth rates can be compared, varying
by the time and reference period used. In the case of our G7 peers, as well as the
UK, only Canada produces monthly GDP data. Monthly comparisons are therefore not possible
for all members of the G7. International comparisons of economic growth are possible
for all G7 members at both quarterly and yearly frequencies. This information is presented
below.</p><p> </p><table><tbody><tr><td><p>Real GDP growth</p></td><td><p>Monthly</p></td><td><p>Quarterly</p></td><td><p>Quarterly</p></td><td><p>Quarterly</p></td><td><p>Annually</p></td></tr><tr><td><p>Country</p></td><td><p>February
2020 to November 2021</p></td><td><p>Q3 2021 Quarter on Year % growth</p></td><td><p>Q4
2021 Quarter on Year % growth</p></td><td><p>Q4 2019 to Q4 2021</p></td><td><p>2021</p></td></tr><tr><td><p>Canada</p></td><td><p>0.2%</p></td><td><p>4.0%</p></td><td><p>3.4%</p></td><td><p>0.2%</p></td><td><p>4.7%</p></td></tr><tr><td><p>France</p></td><td><p>N/A</p></td><td><p>3.5%</p></td><td><p>5.4%</p></td><td><p>0.9%</p></td><td><p>7.0%</p></td></tr><tr><td><p>Germany</p></td><td><p>N/A</p></td><td><p>2.9%</p></td><td><p>1.4%</p></td><td><p>-1.5%</p></td><td><p>2.8%</p></td></tr><tr><td><p>Italy</p></td><td><p>N/A</p></td><td><p>4.0%</p></td><td><p>6.4%</p></td><td><p>-0.5%</p></td><td><p>6.4%</p></td></tr><tr><td><p>Japan</p></td><td><p>N/A</p></td><td><p>1.2%</p></td><td><p>0.7%</p></td><td><p>-1.9%</p></td><td><p>1.7%</p></td></tr><tr><td><p>UK</p></td><td><p>0.2%</p></td><td><p>7.0%</p></td><td><p>6.5%</p></td><td><p>-0.5%</p></td><td><p>7.5%</p></td></tr><tr><td><p>US</p></td><td><p>N/A</p></td><td><p>4.9%</p></td><td><p>5.5%</p></td><td><p>3.1%</p></td><td><p>5.7%</p></td></tr></tbody></table><p>Source:
Refinitv DataStream, HMT Calculations</p><p> </p><p>Comparing monthly to the latest
data available in both countries, November, the ratio of monthly real (seasonally
adjusted) GDP between February 2020 and December 2021 was 0.2, in both the UK and
Canada. Canada is yet to release December monthly data.</p><p> </p><p>The UK’s 2021
Q3 quarter-on-year growth rate was 7.0%, compared to the US (4.9%), Italy and Canada
(both 4%), France (3.5%), Germany (2.9%) and Japan (1.1%).</p><p> </p><p>The ratio
of real GDP from Q4 2019 to Q4 2021 in the UK was -0.5%, compared to the US (3.1%),
France (0.9%), Canada (0.2%), Italy (-0.5%), Germany (-1.5%) and Japan (-1.9%).</p><p>
</p><p>Annually, the UK’s growth rate in 2021 was 7.5%, compared to France (7.0%),
Italy (6.4%), the US (5.7%), Canada (4.7%), Germany (2.8%) and Japan (1.7%).</p>
|
|
