National Income
(asked on 21st February 2022) - View Source
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the UK's total GDP in December 2021 compared to February 2020, relative to the other G7 nations.
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.
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.
Real GDP growth | Monthly | Quarterly | Quarterly | Quarterly | Annually |
Country | February 2020 to November 2021 | Q3 2021 Quarter on Year % growth | Q4 2021 Quarter on Year % growth | Q4 2019 to Q4 2021 | 2021 |
Canada | 0.2% | 4.0% | 3.4% | 0.2% | 4.7% |
France | N/A | 3.5% | 5.4% | 0.9% | 7.0% |
Germany | N/A | 2.9% | 1.4% | -1.5% | 2.8% |
Italy | N/A | 4.0% | 6.4% | -0.5% | 6.4% |
Japan | N/A | 1.2% | 0.7% | -1.9% | 1.7% |
UK | 0.2% | 7.0% | 6.5% | -0.5% | 7.5% |
US | N/A | 4.9% | 5.5% | 3.1% | 5.7% |
Source: Refinitv DataStream, HMT Calculations
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.
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%).
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%).
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%).