The United Kingdom's economy grew by 0.9 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.

Annual and quarterly data for UK gross domestic product (GDP) estimates, in chained volume measures and current market prices.

The gross domestic product of the United Kingdom was around 2.56 trillion British pounds, an increase when compared to the previous year, when UK GDP amounted to about 2.54 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. How big is the UK economy in relation to the rest of the world? 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.  

United Kingdom UK: GDP: saar: Statistical Discrepancy data was reported at 5,796.000 GBP mn in 2017. This records a decrease from the previous number of 8,803.000 GBP mn for 2016. United Kingdom UK: GDP: saar: Statistical Discrepancy data is updated yearly, averaging 0.000 GBP mn from Dec 1955 (Median) to 2017, with 63 observations. The data reached an all-time high of 8,803.000 GBP mn in 2016 and a record low of -1,658.000 GBP mn in 1976. United Kingdom UK: GDP: saar: Statistical Discrepancy data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s UK – Table UK.IMF.IFS: Gross Domestic Product: by Expenditure: Seasonally Adjusted: Annual.

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.

The statistic shows the growth rate in the real GDP in the United Kingdom from 2019 to 2023, with projections up until 2029. In 2023, the rate of GDP growth in the United Kingdom was at around 0.34 percent compared to the previous year.The economy of the United KingdomGDP is used an indicator as to the shape of a national economy. It is one of the most regularly called upon measurements regarding the economic fitness of a country. GDP is the total market value of all final goods and services that have been produced in a country within a given period of time, usually a year. Inflation adjusted real GDP figures serve as an even more telling indication of a country’s economic state in that they act as a more reliable and clear tool as to a nation’s economic health. The gross domestic product (GDP) growth rate in the United Kingdom has started to level in recent years after taking a huge body blow in the financial collapse of 2008. The UK managed to rise from the state of dark desperation it was in between 2009 and 2010, from -3.97 to 1.8 percent. The country suffered acutely from the collapse of the banking industry, raising a number of questions within the UK with regards to the country’s heavy reliance on revenues coming from London's financial sector, arguably the most important in the world and one of the globe’s financial command centers. Since the collapse of the post-war consensus and the rise of Thatcherism, the United Kingdom has been swept along in a wave of individualism - collective ideals have been abandoned and the mass privatisation of the heavy industries was unveiled - opening them up to market competition and shifting the economic focus to that of service.The Big Bang policy, one of the cornerstones of the Thatcher government programs of reform, involved mass and sudden deregulation of financial markets. This led to huge changes in the way the financial markets in London work, and saw the many old firms being absorbed by big banks. This, one could argue, strengthened the UK financial sector greatly and while frivolous and dangerous practices brought the sector into great disrepute, the city of London alone brings in around one fifth of the countries national income making it a very prominent contributor to wealth in the UK.

Collated set of UK socio-economic indicators from the Esri UK National Data Service. These have been made available for a limited period to support COVID-19 responses.This set of socio-economic data covers demographics, deprivation, household composition and unemployment. Sources are UK and England only including: MHCLG Index of Multiple Deprivation; ONS Population Estimates; DWP through NOMIS and 2011 Census where more up to date information is not available. The data is presented across a set of standard geographical areas from Lower Super Output Area (LSOA) to National.

United Kingdom UK: Research and Development Expenditure: % of GDP data was reported at 1.703 % in 2015. This records an increase from the previous number of 1.681 % for 2014. United Kingdom UK: Research and Development Expenditure: % of GDP data is updated yearly, averaging 1.637 % from Dec 1996 (Median) to 2015, with 20 observations. The data reached an all-time high of 1.703 % in 2015 and a record low of 1.558 % in 2004. United Kingdom UK: Research and Development Expenditure: % of GDP 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: Technology. Gloss domestic expenditures on research and development (R&D), expressed as a percent of GDP. They include both capital and current expenditures in the four main sectors: Business enterprise, Government, Higher education and Private non-profit. R&D covers basic research, applied research, and experimental development.; ; UNESCO Institute for Statistics; Weighted average; Each economy is classified based on the classification of World Bank Group's fiscal year 2018 (July 1, 2017-June 30, 2018).

Graph and download economic data for National Accounts: National Accounts Deflators: Gross Domestic Product: GDP Deflator for United Kingdom (GBRGDPDEFQISMEI) from Q1 1960 to Q3 2023 about implicit price deflator, United Kingdom, and GDP.

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 slips into recession in late 2023 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 this latest recession, however, the UK economy has been struggling with weak growth. In the eight quarters between 2022 and 2023, the economy grew in just half of them, falling in three, and stagnating in one. As the UK gears up for a likely general election in 2024, the economy has consistently been seen as one of the most important issues to people in Britain, ahead of health, immigration and the environment. As for which political party would handle the economy better, the ruling-Conservative party have trailed the Labour Party on this issue in polls since October 2022. High inflation persisting longer than expected One of the main factors that explains the UK's economic woes recently is rising prices. UK inflation accelerated sharply from late 2021 onwards, and reached a peak of 11.1 percent in October 2022. Unfortunately for UK residents, wage growth has only recently caught up with inflation, with wages in real terms falling throughout for twenty months between November 2021 and June 2023. By January 2024, inflation had fallen to the more modest rate of four percent, but getting inflation down to such levels came at a price. The Bank of England raised interest rates throughout 2022 and 2023, which certainly played a part in the UK's weak economic performance during that time.

United Kingdom UK: Goods Trade: % of GDP data was reported at 41.528 % in 2017. This records an increase from the previous number of 39.457 % for 2016. United Kingdom UK: Goods Trade: % of GDP data is updated yearly, averaging 37.803 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 45.255 % in 1977 and a record low of 29.045 % in 1967. United Kingdom UK: Goods Trade: % of GDP 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: Trade Statistics. Merchandise trade as a share of GDP is the sum of merchandise exports and imports divided by the value of GDP, all in current U.S. dollars.; ; World Trade Organization, and World Bank GDP estimates.; Weighted average;

Across the United States, the United Kingdom, Germany, and the European Union, gross domestic products (GDP) decreased in 2020 as a result of the COVID-19 pandemic. However, by 2021, growth rates were positive in all four areas again. The United Kingdom, Germany, and the European Union all experiencing slow economic growth in 2023 amid high inflation, with Germany even seeing an economic recession. GDP and its components GDP refers to the total market value of all goods and services that are produced within a country per year. It is composed of government spending, consumption, business investments and net exports. It is an important indicator to measure the economic strength of a country. Economists rely on a variety of factors when predicting future performance of the GDP. Inflation rate is one of the economic indicators providing insight into the future behavior of households, which make up a significant proportion of GDP. Projections are based on the past performance of such information. Future considerations Some factors can be more easily predicted than others. For example, projections of the annual inflation rate of the United States are easy to come by. However, the intensity and impact of something like Brexit is difficult to predict. Moreover, the occurrence and impact of events such as the COVID-19 pandemic and Russia's war in Ukraine is difficult to foresee. Hence, actual GDP growth may be higher or lower than the original estimates.

United Kingdom UK: GDP: Changes in Inventories data was reported at 3,040.000 GBP mn in 2017. This records a decrease from the previous number of 9,385.000 GBP mn for 2016. United Kingdom UK: GDP: Changes in Inventories data is updated yearly, averaging 3,648.000 GBP mn from Dec 1965 (Median) to 2017, with 33 observations. The data reached an all-time high of 13,370.000 GBP mn in 2014 and a record low of -12,708.000 GBP mn in 2009. United Kingdom UK: GDP: Changes in Inventories data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Gross Domestic Product: Nominal. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and 'work in progress.' Data are in current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Key information about United Kingdom Current Account Balance: % of GDP

• United Kingdom Current Account deficit accounted for 2.5 % of the country's Nominal GDP in Sep 2024, compared with a 3.4 % deficit in the previous quarter.
• UK Current Account Balance: % of Nominal GDP data is updated quarterly, available from Mar 1955 to Sep 2024, with an average value of -1.0 %.
• The data reached an all-time high of 4.0 % in Mar 1981 and a record low of -6.9 % in Dec 2014.

CEIC calculates Current Account Balance as % of Nominal GDP from quarterly Current Account Balance and quarterly Nominal GDP. Office for National Statistics provides Current Account Balance in local currency and Nominal GDP in local currency.


Key information about United Kingdom Current Account Balance: % of GDP

• In the latest reports of UK, Current Account recorded a deficit of 13.1 USD bn in Mar 2023.
• Foreign Direct Investment (FDI) fell by 8.6 USD bn in Sep 2024.
• UK Direct Investment Abroad fell by 7.0 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 2.8 USD bn in Sep 2024.
• The country's Nominal GDP was reported at 786.4 USD bn in Mar 2023.

United Kingdom UK: GDP: Net Income from Abroad data was reported at -23,129.000 GBP mn in 2016. This records an increase from the previous number of -25,746.000 GBP mn for 2015. United Kingdom UK: GDP: Net Income from Abroad data is updated yearly, averaging -234.453 GBP mn from Dec 1970 (Median) to 2016, with 47 observations. The data reached an all-time high of 32,624.000 GBP mn in 2005 and a record low of -25,746.000 GBP mn in 2015. United Kingdom UK: GDP: Net Income from Abroad data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Gross Domestic Product: Nominal. Net income includes the net labor income and net property and entrepreneurial income components of the SNA. Labor income covers compensation of employees paid to nonresident workers. Property and entrepreneurial income covers investment income from the ownership of foreign financial claims (interest, dividends, rent, etc.) and nonfinancial property income (patents, copyrights, etc.). Data are in current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

United Kingdom UK: GDP: Market Price: Linked Series data was reported at 2,037,638.000 GBP mn in 2017. This records an increase from the previous number of 1,963,311.000 GBP mn for 2016. United Kingdom UK: GDP: Market Price: Linked Series data is updated yearly, averaging 1,248,517.000 GBP mn from Dec 1989 (Median) to 2017, with 29 observations. The data reached an all-time high of 2,037,638.000 GBP mn in 2017 and a record low of 566,512.000 GBP mn in 1989. United Kingdom UK: GDP: Market Price: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Gross Domestic Product: Nominal. GDP at purchaser's prices 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. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. Data are in current local currency.; ; World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.; ;

United Kingdom UK: Monetary Sector Credit to Private Sector: % of GDP data was reported at 120.831 % in 2023. This records a decrease from the previous number of 129.900 % for 2022. United Kingdom UK: Monetary Sector Credit to Private Sector: % of GDP data is updated yearly, averaging 100.120 % from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of 192.438 % in 2009 and a record low of 17.339 % in 1960. United Kingdom UK: Monetary Sector Credit to Private Sector: % of GDP 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: Bank Loans. Domestic credit to private sector refers to financial resources provided to the private sector, such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises.;International Monetary Fund, International Financial Statistics and data files, and World Bank and OECD GDP estimates.;;

United Kingdom UK:(GDP) Gross Domestic ProductDeflator: Seasonally Adjusted data was reported at 112.108 2010=100 in Sep 2017. This records an increase from the previous number of 111.631 2010=100 for Jun 2017. United Kingdom UK:(GDP) Gross Domestic ProductDeflator: Seasonally Adjusted data is updated quarterly, averaging 49.205 2010=100 from Mar 1955 (Median) to Sep 2017, with 251 observations. The data reached an all-time high of 112.108 2010=100 in Sep 2017 and a record low of 4.709 2010=100 in Mar 1955. United Kingdom UK:(GDP) Gross Domestic ProductDeflator: Seasonally Adjusted data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United Kingdom – Table UK.IMF.IFS: Gross Domestic Product: Deflator and Volume Index: Quarterly.

United Kingdom UK: GDP: % of GDP: Gross National Expenditure data was reported at 101.405 % in 2017. This records a decrease from the previous number of 102.072 % for 2016. United Kingdom UK: GDP: % of GDP: Gross National Expenditure data is updated yearly, averaging 101.039 % from Dec 1965 (Median) to 2017, with 53 observations. The data reached an all-time high of 104.744 % in 1974 and a record low of 97.234 % in 1981. United Kingdom UK: GDP: % of GDP: Gross National Expenditure 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: Share of GDP. Gross national expenditure (formerly domestic absorption) is the sum of household final consumption expenditure (formerly private consumption), general government final consumption expenditure (formerly general government consumption), and gross capital formation (formerly gross domestic investment).; ; World Bank national accounts data, and OECD National Accounts data files.; ;

United Kingdom UK: GDP: Growth: Household Final Consumption Expenditure per Capita data was reported at 0.996 % in 2017. This records a decrease from the previous number of 2.211 % for 2016. United Kingdom UK: GDP: Growth: Household Final Consumption Expenditure per Capita data is updated yearly, averaging 2.211 % from Dec 1971 (Median) to 2017, with 47 observations. The data reached an all-time high of 7.518 % in 1988 and a record low of -3.757 % in 2009. United Kingdom UK: GDP: Growth: Household Final Consumption Expenditure per Capita 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 of household final consumption expenditure per capita, which is calculated using household final consumption expenditure in constant 2010 prices and World Bank population estimates. Household final consumption expenditure (private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;