Do IMF projections show the UK is ‘still the fastest growing European G7 country’?

Following the publication of the latest GDP growth projections by the International Monetary Fund (IMF) on Tuesday, the chancellor Rachel Reeves claimed the UK “is still the fastest growing European G7 country”.

The IMF does indeed project that the UK will have higher GDP growth than the three other European G7 economies (France, Germany and Italy) in 2025 and 2026. Longer range projections similarly show the UK is projected to be the fastest growing European G7 economy each year until 2030.

The latest IMF figures estimate that in 2024 the UK also had the strongest growth of the four European G7 economies.

However, it’s worth noting that the latest quarterly figures published by the Organisation for Economic Co-operation and Development suggest the UK had slightly slower growth than Italy in Q4 2024.

As was widely noted in the media, the latest IMF projections lowered the growth outlook for the UK, as well as all other G7 countries.

And while the IMF projections may suggest the UK is set to outstrip other European G7 economies in the coming years, Labour’s manifesto pledge on growth was not restricted to European G7 members—it promised to “kickstart economic growth to secure the highest sustained growth in the G7”. We’re following progress on that pledge in our Government Tracker, and for now continue to rate it as “Appears off track”.