UK Real GDP 1918–1950

Below are Angus Maddison’s figures for real UK GDP from 1918 to 1950:

Year | GDP* | Growth Rate
Millions of international Geary-Khamis dollars
1918 | 254268 | 0.62%
1919 | 226640 | -10.9%
1920 | 212938 | -6.04%
1921 | 195642 | -8.12
1922 | 205750 | 5.16%
1923 | 212264 | 3.16%
1924 | 221024 | 4.17%
1925 | 231806 | 4.88%
1926 | 223270 | -3.68%
1927 | 241240 | 8.04%
1928 | 244160 | 1.21%
1929 | 251348 | 2.94%
1930 | 249551 | -0.71%
1931 | 236747 | -5.13%
1932 | 238544 | 0.76%
1933 | 245507 | 2.92%
1934 | 261680 | 6.59%
1935 | 271788 | 3.86%
1936 | 284142 | 4.54%
1937 | 294025 | 3.48%
1938 | 297619 | 1.22%
1939 | 300539 | 0.98%
1940 | 330638 | 10.01%
1941 | 360737 | 9.10%
1942 | 369721 | 2.49%
1943 | 377807 | 2.19%
1944 | 362983 | -3.92%
1945 | 347035 | -4.39%
1946 | 331985 | -4.34%
1947 | 327044 | -1.48%
1948 | 337376 | 3.15%
1949 | 349955 | 3.73%
1950 | 347850 | -0.60%
(Maddison 2003: 51).

Some points:

(1) the UK had a post-WWI depression from 1919 to 1921, with a decline of -23.05% in real output.

(2) the Great Depression was relatively less severe in the UK with only a real output loss of -5.80% from 1929 to 1931. But then the UK did not have a large destabilising asset bubble in 1929, excessive private debt on the scale of the US, and a financial sector collapse in the years that followed. Also, the UK left the gold standard early and devalued the pound, which allowed an export-led boom later in the 1930s and a degree of recovery.

(3) the UK also had a post-WWII sui generis depression from 1944 to 1947 with a decline of -13.43% in GDP.

BIBLIOGRAPHY

Maddison, Angus. 2003. The World Economy: Historical Statistics. OECD Publishing, Paris.