The gross domestic product of the United Kingdom in 2024 was around 2.78 trillion British pounds, an increase when compared to the previous year, when UK GDP amounted to about 2.75 trillion pounds. The significant drop in GDP visible in 2020 was due to the COVID-19 pandemic, with the smaller declines in 2008 and 2009 because of the global financial crisis of the late 2000s. Low growth problem in the UK Despite growing by 0.9 percent in 2024, and 0.4 percent in 2023 the UK economy is not that much larger than it was before the COVID-19 pandemic. Since recovering from a huge fall in GDP in the second quarter of 2020, the UK economy has alternated between periods of contraction and low growth, with the UK even in a recession at the end of 2023. While economic growth picked up somewhat in 2024, GDP per capita is lower than it was in 2022, following two years of negative growth. UK's global share of GDP falling As of 2024, the UK had the sixth-largest economy in the world, behind the United States, China, Japan, Germany, and India. Among European nations, this meant that the UK currently has the second-largest economy in Europe, although the economy of France, Europe's third-largest economy, is of a similar size. The UK's global economic ranking will likely fall in the coming years, however, with the UK's share of global GDP expected to fall from 2.16 percent in 2025 to 2.02 percent by 2029.  

The statistic shows GDP per capita in the United Kingdom from 1987 to 2020, with projections up until 2030. In 2020, GDP per capita in the United Kingdom was at around 40,230.55 US dollars. The same year, the total UK population amounted to about 67.26 million people. The United Kingdom is among the leading countries in a world GDP ranking.Falling unemployment in a time of recessionGDP is a useful indicator when it comes to measuring the state of a nation’s economy. GDP is the market value of all final goods and services produced within a country in a given period of time, usually a year. GDP per capita equals exactly the GDI (gross domestic income) per capita and is not a measure of an individual’s personal income.As can be seen clearly in the statistic, gross domestic product (GDP) per capita in the United Kingdom is beginning to increase, albeit not to pre-recession levels. The UK is beginning to see signs of an economic recovery, though as of yet it remains unclear what sort of recovery this is. Questions have been raised as to whether the growth being seen is the right sort of growth for a well balanced recovery across the necessary sectors. An interesting oddity occurred in the United Kingdom for nine months in 2012, which saw a decreasing unemployment occurring at the same time as dip in nationwide economic productivity. This seems like good - if not unusual - news, but could be indicative of people entering part-time employment. It could also suggest that labor productivity is falling, meaning that the UK would be less competitive as a nation. The figures continue to rise, however, with an increase in employment in the private sector. With the rate of inflation in the UK impacting everyone’s daily lives, it is becoming increasingly difficult for vulnerable groups to maintain a decent standard of living.

In 2024, the gross domestic product (GDP) of the United Kingdom grew by 0.9 percent and is expected to grow by just one percent in 2025 and by 1.9 percent in 2026. Growth is expected to slow down to 1.8 percent in 2027, and then grow by 1.7, and 1.8 percent in 2027 and 2028 respectively. The sudden emergence of COVID-19 in 2020 and subsequent closure of large parts of the economy were the cause of the huge 9.4 percent contraction in 2020, with the economy recovering somewhat in 2021, when the economy grew by 7.6 percent. UK growth downgraded in 2025 Although the economy is still expected to grow in 2025, the one percent growth anticipated in this forecast has been halved from two percent in October 2024. Increased geopolitical uncertainty as well as the impact of American tariffs on the global economy are some of the main reasons for this mark down. The UK's inflation rate for 2025 has also been revised, with an annual rate of 3.2 percent predicated, up from 2.6 percent in the last forecast. Unemployment is also anticipated to be higher than initially thought, with the annual unemployment rate likely to be 4.5 percent instead of 4.1 percent. Long-term growth problems In the last two quarters of 2023, the UK economy shrank by 0.1 percent in Q3 and by 0.3 percent in Q4, plunging the UK into recession for the first time since the COVID-19 pandemic. Even before that last recession, however, the UK economy has been struggling with weak growth. Although growth since the pandemic has been noticeably sluggish, there has been a clear long-term trend of declining growth rates. The economy has consistently been seen as one of the most important issues to people in Britain, ahead of health, immigration and the environment. Achieving strong levels of economic growth is one of the main aims of the Labour government elected in 2024, although after almost one year in power it has so far proven elusive.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Annual estimates of balanced UK regional gross domestic product (GDP). Current price estimates and chained volume measures for local authority districts, London boroughs, unitary authorities and Scottish Council areas.

In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

The average for 2023 based on 188 countries was 0.53 percent. The highest value was in the USA: 26.3 percent and the lowest value was in Andorra: 0 percent. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid-2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022. In 2025, Germany, now the world's third-largest economy, was estimated at over *** trillion U.S. dollars.

Gross domestic product (GDP) in current market prices and as chained volume measures, plus GDP per capita, for each local authority district, metropolitan district, London borough and Scottish Council area in the UK.

Time series data for the statistic Total Credit To General Government (% of GDP) and country British Virgin Islands.

Time series data for the statistic Total Credit To Households and NPISHs (% of GDP) and country British Virgin Islands.

Government spending in the United Kingdom was approximately 44.7 percent of GDP in 2024/25, compared with 39.6 percent in 2019/20.

Throughout the Second World War, the United States consistently had the largest gross domestic product (GDP) in the world. Additionally, U.S. GDP grew significantly throughout the war, whereas the economies of Europe and Japan saw relatively little growth, and were often in decline. The impact of key events in the war is also reflected in the trends shown here - the economic declines of France and the Soviet Union coincide with the years of German invasion, while the economies of the three Axis countries experienced their largest declines in the final year of the war.

Time series data for the data Real Gross Domestic Product - Components - Current Local Curreny Unit (CLU) for the country United Kingdom. Indicator Definition:Real Private Sector Final Consumption Expenditure, Unadjusted, Domestic CurrencyThe indicator "Real Private Sector Final Consumption Expenditure, Unadjusted, Domestic Currency" stands at 1.61 Trillion British Pounds as of 6/30/2025, the highest value at least since 6/30/1996, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes an increase of 0.8848 percent compared to the value the year prior.The 1 year change in percent is 0.8848.The 3 year change in percent is 3.70.The 5 year change in percent is 9.36.The 10 year change in percent is 11.86.The Serie's long term average value is 1.33 Trillion British Pounds. It's latest available value, on 6/30/2025, is 21.20 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 3/31/1996, to it's latest available value, on 6/30/2025, is +77.12%.The Serie's change in percent from it's maximum value, on 6/30/2025, to it's latest available value, on 6/30/2025, is 0.0%.Indicator Definition:Real General Government Final Consumption Expenditure, Unadjusted, Domestic CurrencyThe indicator "Real General Government Final Consumption Expenditure, Unadjusted, Domestic Currency" stands at 0.5549 Trillion British Pounds as of 6/30/2025, the highest value at least since 6/30/1996, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes an increase of 1.87 percent compared to the value the year prior.The 1 year change in percent is 1.87.The 3 year change in percent is 4.50.The 5 year change in percent is 19.40.The 10 year change in percent is 20.94.The Serie's long term average value is 0.426 Trillion British Pounds. It's latest available value, on 6/30/2025, is 30.25 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 9/30/1997, to it's latest available value, on 6/30/2025, is +82.96%.The Serie's change in percent from it's maximum value, on 6/30/2025, to it's latest available value, on 6/30/2025, is 0.0%.Indicator Definition:Real Gross Fixed Capital Formation, Unadjusted, Domestic CurrencyThe indicator "Real Gross Fixed Capital Formation, Unadjusted, Domestic Currency" stands at 0.4657 Trillion British Pounds as of 6/30/2025, the highest value at least since 6/30/1996, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes an increase of 3.09 percent compared to the value the year prior.The 1 year change in percent is 3.09.The 3 year change in percent is 4.60.The 5 year change in percent is 12.69.The 10 year change in percent is 20.26.The Serie's long term average value is 0.361 Trillion British Pounds. It's latest available value, on 6/30/2025, is 28.95 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 3/31/1996, to it's latest available value, on 6/30/2025, is +77.51%.The Serie's change in percent from it's maximum value, on 6/30/2025, to it's latest available value, on 6/30/2025, is 0.0%.Indicator Definition:Real Changes in Inventories, Unadjusted, Domestic CurrencyThe indicator "Real Changes in Inventories, Unadjusted, Domestic Currency" stands at 0.0362 Trillion British Pounds as of 6/30/2025. Regarding the One-Year-Change of the series, the current value constitutes an increase of 0.0424 Trillion British Pounds compared to the value the year prior.The 1 year change is 0.0424 Trillion British Pounds.The 3 year change is 0.0018 Trillion British Pounds.The 5 year change is 0.0571 Trillion British Pounds.The 10 year change is -0.0107 Trillion British Pounds.The Serie's long term average value is 0.0079 Trillion British Pounds. It's latest available value, on 6/30/2025, is 0.0283 Trillion British Pounds higher, compared to it's long term average value.The Serie's change in British Pounds from it's minimum value, on 6/30/2023, to it's latest available value, on 6/30/2025, is +0.0718 Trillion.The Serie's change in British Pounds from it's maximum value, on 3/31/2015, to it's latest available value, on 6/30/2025, is -0.0167 Trillion.Indicator Definition:Net Trade is defined as exports minus imports (measured in local currency units (LCU)).The indicator "Net Trade (Current LCU)" stands at -0.0871 Trillion British Pounds as of 6/30/2025. Regarding the One-Year-Change of the series, the current value constitutes an decrease of -0.0439 Trillion British Pounds compared to the value the year prior.The 1 year change is -0.0439 Trillion British Pounds.The 3 year change is -0.01 Trillion British Pounds.The 5 year change is -0.0951 Trillion British Pounds.The 10 year change is -0.0226 Trillion British Pounds.The Serie's long term average value is -0.0183 Trillion British ...

Time series data for the statistic Gross Domestic Product, Real, Unadjusted, Domestic Currency and country United Kingdom. Indicator Definition:Gross Domestic Product, Real, Unadjusted, Domestic CurrencyThe indicator "Gross Domestic Product, Real, Unadjusted, Domestic Currency" stands at 641.79 Billion as of 6/30/2025. Regarding the One-Year-Change of the series, the current value constitutes an increase of 1.12 percent compared to the value the year prior.The 1 year change in percent is 1.12.The 3 year change in percent is 4.51.The 5 year change in percent is 33.65.The 10 year change in percent is 13.19.The Serie's long term average value is 525.79 Billion. It's latest available value, on 6/30/2025, is 22.06 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 6/30/1995, to it's latest available value, on 6/30/2025, is +76.65%.The Serie's change in percent from it's maximum value, on 12/31/2024, to it's latest available value, on 6/30/2025, is -2.33%.

The government of the United Kingdom borrowed approximately 2.6 percent worth of its GDP in the 2024/25 financial year, compared with 2.3 percent in 2023/24. In 2020/21, government borrowing reached 11.6 percent of GDP, due to increased financial support to public services during the COVID-19 pandemic, combined with reduced revenue because of societal lockdowns.

Time series data for the statistic Consolidated foreign claims of BIS reporting banks to GDP (%) and country United Kingdom. Indicator Definition:The ratio of consolidated foreign claims to GDP of the banks that are reporting to BIS. Foreign claims are defined as the sum of cross-border claims plus foreign offices’ local claims in all currencies. In the consolidated banking statistics claims that are granted or extended to nonresidents are referred to as either cross-border claims. In the context of the consolidated banking statistics, local claims refer to claims of domestic banks’ foreign affiliates (branches/subsidiaries) on the residents of the host country (i.e. country of residence of affiliates). Items (A+L from BIS Table 9A). End-of-year data (i.e. December data) are considered for banks claims. GDP is from World Development Indicators.The indicator "Consolidated foreign claims of BIS reporting banks to GDP (%)" stands at 116.40 as of 12/31/2020, the highest value since 12/31/2013. Regarding the One-Year-Change of the series, the current value constitutes an increase of 20.83 percent compared to the value the year prior.The 1 year change in percent is 20.83.The 3 year change in percent is 14.76.The 5 year change in percent is 18.79.The 10 year change in percent is -17.28.The Serie's long term average value is 101.89. It's latest available value, on 12/31/2020, is 14.24 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 12/31/1997, to it's latest available value, on 12/31/2020, is +14,225.58%.The Serie's change in percent from it's maximum value, on 12/31/2009, to it's latest available value, on 12/31/2020, is -24.75%.

Grant Thornton Vibrant Economy Index - Overall Rank (Rank out of 324) *This indicator has been discontinued

Time series data for the statistic Government expenditure on tertiary education as % of GDP (%) and country United Kingdom. Indicator Definition:Total general (local, regional and central) government expenditure on tertiary education (current, capital, and transfers), expressed as a percentage of GDP. It includes expenditure funded by transfers from international sources to government. Divide total government expenditure for a given level of education (ex. primary, secondary, or all levels combined) by the GDP, and multiply by 100. A higher percentage of GDP spent on education shows a higher government priority for education, but also a higher capacity of the government to raise revenues for public spending, in relation to the size of the country's economy. When interpreting this indicator however, one should keep in mind in some countries, the private sector and/or households may fund a higher proportion of total funding for education, thus making government expenditure appear lower than in other countries. Limitations: In some instances data on total public expenditure on education refers only to the Ministry of Education, excluding other ministries which may also spend a part of their budget on educational activities. For more information, consult the UNESCO Institute of Statistics website: http://www.uis.unesco.org/Education/The indicator "Government expenditure on tertiary education as % of GDP (%)" stands at 1.45 as of 12/31/2017, the highest value at least since 12/31/1972, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes an increase of 4.28 percent compared to the value the year prior.The 1 year change in percent is 4.28.The 3 year change in percent is 6.43.The 10 year change in percent is 69.64.The Serie's long term average value is 1.06. It's latest available value, on 12/31/2017, is 36.17 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 12/31/2000, to it's latest available value, on 12/31/2017, is +105.01%.The Serie's change in percent from it's maximum value, on 12/31/2017, to it's latest available value, on 12/31/2017, is 0.0%.

In 2023, London had a gross domestic product of over 569 billion British pounds, by far the most of any region of the United Kingdom. The region of South East England which surrounds London had the second-highest GDP in this year, at over 360 billion pounds. North West England, which includes the major cities of Manchester and Liverpool, had the third-largest GDP among UK regions, at almost 250 billion pounds. Levelling Up the UK London’s economic dominance of the UK can clearly be seen when compared to the other regions of the country. In terms of GDP per capita, the gap between London and the rest of the country is striking, standing at over 63,600 pounds per person in the UK capital, compared with just over 37,100 pounds in the rest of the country. To address the economic imbalance, successive UK governments have tried to implement "levelling-up policies", which aim to boost investment and productivity in neglected areas of the country. The success of these programs going forward may depend on their scale, as it will likely take high levels of investment to reverse economic neglect regions have faced in the recent past. Overall UK GDP The gross domestic product for the whole of the United Kingdom amounted to 2.56 trillion British pounds in 2024. During this year, GDP grew by 0.9 percent, following a growth rate of 0.4 percent in 2023. Due to the overall population of the UK growing faster than the economy, however, GDP per capita in the UK fell in both 2023 and 2024. Nevertheless, the UK remains one of the world’s biggest economies, with just five countries (the United States, China, Japan, Germany, and India) having larger economies. It is it likely that several other countries will overtake the UK economy in the coming years, with Indonesia, Brazil, Russia, and Mexico all expected to have larger economies than Britain by 2050.