UK estimates of annual research and development (R&D) spending by UK businesses.

The United Kingdom's economy grew by 1.1 percent in 2024, after a growth rate of 0.4 percent in 2023, 4.8 percent in 2022, 8.6 percent in 2021, and a record 10.3 percent fall in 2020. During the provided time period, the biggest annual fall in gross domestic product before 2020 occurred in 2009, when the UK economy contracted by 4.6 percent at the height of the global financial crisis of the late 2000s. Before 2021, the year with the highest annual GDP growth rate was 1973, when the UK economy grew by 6.5 percent. UK economy growing but GDP per capita falling In 2022, the UK's GDP per capita amounted to approximately 37,371 pounds, with this falling to 37,028 pounds in 2023, and 36,977 pounds in 2024. While the UK economy as a whole grew during this time, the UK's population grew at a faster rate, resulting in the negative growth in GDP per capita. This suggests the UK economy's struggles with productivity are not only stagnating, but getting worse. The relatively poor economic performance of the UK in recent years has not gone unnoticed by the electorate, with the economy consistently seen as the most important issue for voters since 2022. Recent shocks to UK economy In the second quarter of 2020, the UK economy shrank by a record 20.3 percent at the height of the COVID-19 pandemic. Although there was a relatively swift economic recovery initially, the economy has struggled to grow much beyond its pre-pandemic size, and was only around 3.1 percent larger in December 2024, when compared with December 2019. Although the labor market has generally been quite resilient during this time, a long twenty-month period between 2021 and 2023 saw prices rise faster than wages, and inflation surge to a high of 11.1 percent in October 2022.

The UK economy reported zero growth in July 2025 after growing by 0.4 percent in May. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now around 4.4 percent larger than it was before the COVID-19 pandemic. After the initial recovery from the pandemic, however, the UK economy has effectively flatlined, fluctuating between low growth and small contractions since 2022. Labour banking on growth to turn around fortunes in 2025 In February 2025, just over half a year after winning the last general election, the approval rating for the new Labour government fell to a low of -48 percent. Furthermore, the Prime Minister, Keir Starmer was not only less popular than the new Conservative leader, Kemi Badenoch, but also the leader of the Reform Party, Nigel Farage, whose party have surged in opinion polls recently. This remarkable decline in popularity for the new government is, in some part, due to a deliberate policy of making tough decisions early. Arguably, the most damaging of these policies was the withdrawal of the winter fuel allowance for some pensioners, although other factors such as a controversy about gifts and donations also hurt the government. While Labour aims to restore the UK's economic and political credibility in the long term, they will certainly hope for some good economic news sooner rather than later. Economy bounces back in 2024 after ending 2023 in recession Due to two consecutive quarters of negative economic growth, in late 2023 the UK economy ended the year in recession. After not growing at all in the second quarter of 2023, UK GDP fell by 0.1 percent in the third quarter, and then by 0.3 percent in the last quarter. For the whole of 2023, the economy grew by 0.4 percent compared to 2022, and for 2024 is forecast to have grown by 1.1 percent. During the first two quarters of 2024, UK GDP grew by 0.7 percent, and 0.4 percent, with this relatively strong growth followed by zero percent growth in the third quarter of the year. Although the economy had started to grow again by the time of the 2024 general election, this was not enough to save the Conservative government at the time. Despite usually seen as the best party for handling the economy, the Conservative's economic competency was behind that of Labour on the eve of the 2024 election.

This statistic shows the growth of digital businesses compared to non-digital businesses in the United Kingdom (UK) from 2011 to 2015 (in billion GBP). The growth of digital businesses was higher than non-digital businesses. Digital businesses grew about ** billion British pounds from 2011 to 2015.

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The Gross Domestic Product (GDP) in the United Kingdom expanded 0.30 percent in the second quarter of 2025 over the previous quarter. This dataset provides the latest reported value for - United Kingdom GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Report Covers Business Intelligence Companies UK and the Market is segmented by Organization Size (Small & Medium-scale, Large-scale) and End-User (BFSI, IT & Telecom, Retail & Consumer Goods, Manufacturing & Logistics, and Public Services). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Business rates yield growth within Enterprise Zones How the figure is calculated: The figure is calculated as the value of business rates relief plus the value of business rate yield minus the baseline level of business rates yield, across all enterprise zones. The data are taken from the Department's National Non-Domestic Rates 1 statistical returns, and are forecasts as reported by local authorities for the financial year 2015-16 Why is this indicator in the business plan? Enterprise Zones are a key local growth initiative, designed to stimulate new businesses and jobs. The growth in business rates yield can be used as an indicator of how successful Enterprise Zones have been at attracting and growing businesses however, these are gross figures and have not been adjusted for additionality. How often is it updated? Annually. NNDR 1 forms, providing a forecast for the year ahead, are published in February prior to the financial year to which they refer. Provisional NNDR 3 forms, providing outturn figures, are published in August of the financial year after which they refer. A further revised release, based on auditor certified returns is published later in the year (November). Where does the data come from? Based on data returned to the Department for Communities and Local Government by English billing authorities on National Non-Domestic Rates (NNDR1) forms and the NNDR3 form. What area does the headline figure cover? England Are further breakdowns of the data available? Data are available by local authority. What does a change in this indicator show? An increase in the growth in business rates yield can be used as a proxy for the gross increase in economic activity in an Enterprise Zone (created by new or expanding businesses). The business rate yield figures are not adjusted for additionality. Time Lag

This statistic displays the business creation benefits as a result of Big Data in the United Kingdom (UK) from 2015 to 2020, by industry. It was estimated that the professional service sector would benefit most from business creation due to Big Data. Healthcare was the second ranked sector with expected gains of roughly *** billion British pounds.

Key information about UK Business Confidence Growth

• United Kingdom Business Confidence grew 8.4 % in Dec 2020, compared with a decrease of 6.7 % YoY in the previous month.
• UK Business Confidence: YoY Change is updated monthly, available from Jan 1986 to Dec 2020, with an averaged rate of -0.4 %.
• The data reached an all-high of 38.9 % in Mar 2010 and a record low of -49.8 % in Mar 2009.

CEIC calculates monthly Business Confidence Change from monthly Industrial Confidence Indicator. The European Commission's Directorate-General for Economic and Financial Affairs used to provide Industrial Confidence Indicator with range from -100 to 100 with neutral point 0. Business Confidence covers Manufacturing sector only.

United Kingdom UK: GDP: Growth: Imports of Goods and Services data was reported at 3.219 % in 2017. This records a decrease from the previous number of 4.832 % for 2016. United Kingdom UK: GDP: Growth: Imports of Goods and Services data is updated yearly, averaging 5.114 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 17.535 % in 1970 and a record low of -9.710 % in 2009. United Kingdom UK: GDP: Growth: Imports of Goods and Services data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual growth rate of imports of goods and services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Forecast: Business Enterprise Expenditure on R&D Growth Rate in the UK 2024 - 2028 Discover more data with ReportLinker!

Weighted estimates from the voluntary fortnightly Business Insights and Conditions Survey (BICS) about financial performance, workforce, prices, trade, and business resilience. These are official statistics in development.

Estimates of total businesses broken down by industry (2, 3, 4 digit SIC 2007 codes and industry section). Workplace data units from Annual Business Inquiry (ABI) for London and Great Britain. Data rounded to the nearest 100. Percentages calculated on unrounded data. An extract compiled from the Inter Departmental Business Register (IDBR) recording the number of local units that were live at a reference date in March. Estimates can be broken down by employment size band, detailed industry (5 digit SIC2007) and legal status. Available from country down to mid layer super output area and Scottish intermediate zones. A local unit is an individual site (for example a factory or shop) associated with an enterprise. It can also be referred to as a workplace. Industry is broken down using SIC 2007 codes. Read more about SIC here http://www.statistics.gov.uk/methods_quality/sic/downloads/SIC2007explanatorynotes.pdf The ABI is a business survey which collects both employment and financial information. Only employment information for the location of an employees workplace is available from Nomis The ABI is based on a sample of approximately 78,000 businesses and is used to provide an estimate of the number of employees. The difference between the estimate and its true value is known as the sampling error. The actual sampling error for any estimate is unknown but we can estimate, from the sample, a typical error, known as the standard error. This provides a means of assessing the precision of the estimate; the lower the standard error, the more confident we can be the estimate is close to the true value. https://www.nomisweb.co.uk/articles/showArticle.asp?title=Information&article=news/071212_abi-stderrors.htm This dataset excludes farm based agriculture data contained in SIC class 0100. Relevant link: https://www.nomisweb.co.uk/Default.asp

United Kingdom UK: GDP: Growth data was reported at 1.787 % in 2017. This records a decrease from the previous number of 1.936 % for 2016. United Kingdom UK: GDP: Growth data is updated yearly, averaging 2.527 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 6.596 % in 1970 and a record low of -4.188 % in 2009. United Kingdom UK: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;