The invention relates to a process for the conversion of hydrogen and one or more oxides of carbon to hydrocarbons, which process comprises: contacting hydrogen and one or more oxides of carbon with a catalyst in a reaction zone; removing from the reaction zone an outlet stream comprising unreacted hydrogen, unreacted one or more oxides of carbon and one or more hydrocarbons and feeding the outlet stream to a separation zone in which the outlet stream is divided into at least three fractions, in which; a first fraction predominantly comprises unreacted hydrogen, unreacted one or more oxides of carbon and hydrocarbons having from 1 to 4 carbon atoms; a second fraction predominantly comprises hydrocarbons having 5 to 9 carbon atoms, at least a portion of which hydrocarbons having from 5 to 9 carbon atoms are olefinic; and a third fraction predominantly comprises hydrocarbons having 10 or more carbon atoms; characterized in that at least a portion of the second fraction is recycled to the reaction zone.