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Knowledge of global precipitation means, patterns and variations is essential for understanding the global water cycle. The observation-based global analysis of the Global Precipitation Climatology Project (GPCP) has been a key input to many such studies, including those related to means of the global (and regional) water and energy cycles. A new version (Version 3.1) of the GPCP monthly analysis is now available (1983-2019), with finer spatial resolution (0.5º latitude/longitude), updated satellite algorithms, latest gauge analysis over land from the Global Precipitation Climatology Center (GPCC), and with ocean climatologies adjusted using information from the Tropical Rainfall Measuring Mission (TRMM), the Global Precipitation Measurement (GPM) mission and CloudSat. The presentation will give key findings from the new analysis, compare with the previous version, link to studies of the water cycle and compare to CMIP6 climate model results. The GPCP Monthly V3.1 analysis uses a Tropical Composite Climatology (TCC) using 22 years (1998-2019) of TRMM and GPM-based surface precipitation estimates from passive microwave, radar and combined passive microwave and radar observations to adjust the long-term mean values in the tropics over ocean. At higher latitudes over ocean climatological values of merged CloudSat and GPM combined passive microwave and radar surface precipitation estimates are used. The result of the new algorithms and procedures is an ocean mean value 60º N to 60º S of 3.2 mm/d, an increase of 7% from the older V2.3. Over land the gauge analysis (from GPCC in Germany), combined with satellite estimates results in a small decrease (~ 0.5%) from the previous version, giving a total global precipitation mean of 2.81 mm/d for V3.1, an increase of 4.5%. Variations from inter-annual to trend scales over most of the ocean are driven by the Colorado State University (CSU) Goddard Profiling (GPROF) algorithm applied to SSMI/SSMIS satellite data. The new GPCP version retains a near zero trend of global precipitation, with significant positive trends in the deep tropics along the Pacific ITCZ and elsewhere, countered by middle latitude decreases, very similar to the previous version of the GPCP Monthly analysis. The pattern of trends is similar to that of AMIP climate model results, driven by observed SSTs for the period in question, but very different from results for “free-running” CMIP historical ensembles, likely due in part to the relatively short comparison period and effects of inter-decadal variations in the GPCP and AMIP results that are not in the “history” models. Interannual variations are also nearly the same in the new version, but with finer detail, although ENSO variations over the ocean have slightly larger amplitude than before, an effect likely related to the change in ocean satellite algorithm used in Version 3. For precipitation intensity (percentiles) at the monthly scale, especially in the tropics, GPCP shows a positive trend for the upper one third of the percentiles (Pct ≥ 70th) and a much weaker positive trend for the lowest percentiles (Pct ≤ 10th), while negative trends appear for the middle one-half percentiles (20th-65th). AMIP results agree with those from the GPCP in terms of the sign of the changes/trends for high and intermediate percentiles. The CMIP historical results also agree in the sign of the trends, but the trends are weaker. Comparisons with other types of CMIP historical simulations including the GHG-only, aerosol-only, and nature-only runs suggest that the observed changes/trends in precipitation amount and intensity during the GPCP period are dominated by a combination of the effects of the Pacific Decadal Oscillation (PDO) and anthropogenic GHG-related surface warming.