We use height-resolved and total column satellite observations and 3-D chemical transport model simulations to study stratospheric ozone variations during 1998-2017 as ozone-depleting substances decline. In 2017 extrapolar lower stratospheric ozone displayed a strong positive anomaly following much lower values in 2016. This points to large interannual variability rather than an ongoing downward trend, as reported recently by Ball et al. (2018Ball et al. ( , https://doi.org/10.5194/acp-18-1379Ball et al. ( -2018. The observed ozone variations are well captured by the chemical transport model throughout the stratosphere and are largely driven by meteorology. Model sensitivity experiments show that the contribution of past trends in short-lived chlorine species to the ozone changes is small. Similarly, the potential impact of modest trends in natural brominated short-lived species is small. These results confirm the important role that atmospheric dynamics plays in controlling ozone in the extrapolar lower stratosphere on multiannual time scales and the continued importance of monitoring ozone profiles as the stratosphere changes.Plain Language Summary Emission of long-lived chlorine and bromine-containing ozone-depleting substances has led to the depletion of the ozone layer, most notably the Antarctic ozone hole. Policy action through the Montreal Protocol has phased out the production of the major long-lived ozone-depleting substances. Consequently, stratospheric chlorine and bromine amounts are declining, and we expect the ozone layer to slowly recover. However, although the tropical lower stratosphere is not a region where large ozone loss has so-far been observed, a recent study by Ball et al. (2018) suggested that ozone there is decreasing, in disagreement with models and expectations of ozone recovery. We use updated observations and an atmospheric model to investigate these issues. First, we use an additional year of observations which show that ozone values in the lower stratosphere increased in 2017, which is a consequence of variations in atmospheric dynamics. Second, our 3-D model performs well in reproducing the observed ozone variations. Although the model is not perfect, the comparisons suggest that we do have a good understanding of the lower stratospheric ozone. Third, we quantify the role of short-lived chlorine and bromine compounds, which are not controlled by the Montreal Protocol, on the recent ozone changes. The effect is small.