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Chart: The UK reaching pre-crisis GDP levels

Last week the UK Office for National Statistics announced that British GDP had reached its pre-crisis levels in the second quarter of 2014. Howev

Publishing date
08 August 2014

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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.

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

About the authors

  • Sergiy Golovin

    Sergiy Golovin, a Ukrainian citizen, joined Bruegel in October 2013 as a Research Assistant. His works focused on the topics of Industrial Organization and Competition Policy. He holds Bachelor and Master degrees in Economics from the University of Mannheim, Germany. During his studies he also worked as a student research assistant and completed an internship at the Centre for European Economic Research (ZEW) in Mannheim, Germany. In his Master thesis Sergiy concentrated on the estimation of dynamic structural models of discrete choice and their application to the European car market.

    Sergiy speaks fluent Ukrainian, Russian, English and German and has some knowledge of Spanish.

    His research interests besides empirical Industrial Organization and Competition Policy include Growth Theory and application of Numerical Methods in economics.

  • Elena Zaurino

    Elena Zaurino, an Italian citizen, holds a M.Sc. in Economics and Social Sciences from Bocconi University, and a Bachelor’s degree in Economics from the same university.
    During her studies, she spent a semester at the Solvay Brussels School of Economics and Management (Université Libre de Bruxelles).

    She is currently working as a full-time researcher and teaching assistant at Bocconi University.

    Her research interests include international trade, labour economics, competition policy and economic geography. She is fluent in English, French and Italian.

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