A process for the production of liquid hydrocarbon products from synthesis gas in a system comprising a reaction zone and a gas separation zone wherein the process comprises: a) in the reaction zone, contacting synthesis gas at elevated temperature and pressure with a suspension of a particulate Fischer-Tropsch catalyst in a liquid medium so as to convert at least a portion of the synthesis gas into liquid hydrocarbon products; b) discharging a product suspension comprising catalyst suspended in the liquid medium and the liquid hydrocarbon products from the reaction zone into the gas separation zone, the product suspension having unconverted synthesis gas dissolved and/or entrained therein; c) in the gas separation zone, separating a gaseous stream comprising unconverted synthesis gas from the product suspension; d) recycling at least a portion of the separated gaseous stream to the reaction zone; and e) recycling at least a portion of the degassed product suspension from the gas separation zone to the reaction zone.