Chart: The UK reaching pre-crisis GDP levels

- and while Italy has reached a new low, Sweden has been flying high through the crisis

by Sergiy Golovin and Elena Zaurino on 5th August 2014

Last week the UK Office for National Statistics announced that British GDP had reached its pre-crisis levels in the second quarter of 2014. As the figure above shows, in terms of year-on-year GDP growth rate, the UK has been one of the fastest growing Western European economies for the last year and a half and its growth has been accelerating. Germany, the second fastest growing economy, grows by 1% slower than the UK.

However, when put in a broader perspective, the UK economy still lags in comparison to other European economies. As the chart below shows, several of the major economies had already recovered to their pre-crisis GDP levels by the end of 2011, while the UK reached it only now. The reasons behind the British sluggish recovery could be many and their precise identification would require further analysis. However, in the context of long-term growth, the British performance is less impressive.

Note: GDP data for 2014Q2 was not yet available for the countries other than the UK at the time of publication.


Republishing and referencing
comments powered by Disqus

Blogs review: The new proposed IMF lending framework

- if introduced, the new framework would most likely eliminate the systemic risk waiver and would instead introduce the possibility of maturity extensions as a policy tool

by Jérémie Cohen-Setton on 4th August 2014

Are financial conditions in China too lax or too stringent?

- could tighter financial conditions be another key factor contributing to China’s slowing economic growth? Probably.

by Guonan Ma on 5th August 2014

Republishing and referencing

Bruegel considers itself a public good and takes no institutional standpoint. Anyone is free to republish and/or quote online comments or analyses without prior consent. Please provide a full reference, clearly stating Bruegel and the relevant author as the source, and include a prominent hyperlink to the original post.

Due to copyright agreements we ask that you kindly email request to republish opinions that have appeared in print to