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. 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 UK economy grew by 0.7 percent in the first quarter of 2025, compared with 0.1 percent growth in the previous quarter. After ending 2023 in recession, the UK economy grew strongly in the first half of 2024, growing by 0.8 percent in Q1, and 0.4 percent in Q2, with growth slowing in the second half of the year. In the third quarter of 2020 the UK experienced record setting growth of 16.8 percent, which itself followed the record 20.3 percent contraction in Q2 2020. Growing economy key to Labour's plans Since winning the 2024 general election, the UK's Labour Party have seen their popularity fall substantially. In February 2025, the government's approval rating fell to a low of -54 percent, making them almost as disliked as the Conservatives just before the last election. A string of unpopular policies since taking office have taken a heavy toll on support for the government. Labour hope they can reverse their declining popularity by growing the economy, which has underperformed for several years, and when measured in GDP per capita, fell in 2023, and 2024. Steady labor market trends set to continue? After a robust 2022, the UK labor market remained resilient throughout 2023 and 2024. The unemployment rate at the end of 2024 was 4.4 percent, up from four percent at the start of the year, but still one of the lowest rates on record. While the average number of job vacancies has been falling since a May 2022 peak, there was a slight increase in January 2025 when compared with the previous month. The more concerning aspect of the labor market, from the government's perspective, are the high levels of economic inactivity due to long-term sickness, which reached a peak of 2.84 million in late 2023, and remained at high levels throughout 2024.

United Kingdom UK: GDP: USD data was reported at 2,622.434 USD bn in 2017. This records a decrease from the previous number of 2,650.850 USD bn for 2016. United Kingdom UK: GDP: USD data is updated yearly, averaging 918.504 USD bn from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 3,074.360 USD bn in 2007 and a record low of 72.328 USD bn in 1960. United Kingdom UK: GDP: USD 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: 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. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.; ; World Bank national accounts data, and OECD National Accounts data files.; Gap-filled total;

United Kingdom UK: GDP: PPP data was reported at 2,856,703.440 Intl $ mn in 2017. This records an increase from the previous number of 2,798,058.629 Intl $ mn for 2016. United Kingdom UK: GDP: PPP data is updated yearly, averaging 1,847,822.483 Intl $ mn from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 2,856,703.440 Intl $ mn in 2017 and a record low of 969,455.384 Intl $ mn in 1990. United Kingdom UK: GDP: PPP 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: Purchasing Power Parity. PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. 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. Data are in current international dollars. For most economies PPP figures are extrapolated from the 2011 International Comparison Program (ICP) benchmark estimates or imputed using a statistical model based on the 2011 ICP. For 47 high- and upper middle-income economies conversion factors are provided by Eurostat and the Organisation for Economic Co-operation and Development (OECD).; ; World Bank, International Comparison Program database.; Gap-filled total;

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).

Data underlying comparisons of UK productivity against that of the remaining G7 countries.

United Kingdom UK: GDP: Gross National Income data was reported at 2,004,358.000 GBP mn in 2017. This records an increase from the previous number of 1,916,508.000 GBP mn for 2016. United Kingdom UK: GDP: Gross National Income data is updated yearly, averaging 745,110.695 GBP mn from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 2,004,358.000 GBP mn in 2017 and a record low of 58,012.724 GBP mn in 1970. United Kingdom UK: GDP: Gross National Income 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. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

United Kingdom UK: GDP: Net Primary Income from Abroad data was reported at 514,937.000 GBP mn in Dec 2018. This records an increase from the previous number of 502,976.000 GBP mn for Sep 2018. United Kingdom UK: GDP: Net Primary Income from Abroad data is updated quarterly, averaging 400,342.000 GBP mn from Mar 1995 (Median) to Dec 2018, with 96 observations. The data reached an all-time high of 514,937.000 GBP mn in Dec 2018 and a record low of 206,005.000 GBP mn in Mar 1995. United Kingdom UK: GDP: Net Primary Income from Abroad 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: by Expenditure: Quarterly.

United Kingdom UK: GDP: Growth: Gross Value Added: Industry data was reported at 3.053 % in 2017. This records an increase from the previous number of 1.452 % for 2016. United Kingdom UK: GDP: Growth: Gross Value Added: Industry data is updated yearly, averaging 1.098 % from Dec 1991 (Median) to 2017, with 27 observations. The data reached an all-time high of 4.640 % in 2010 and a record low of -10.086 % in 2009. United Kingdom UK: GDP: Growth: Gross Value Added: Industry 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 for industrial value added based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average; Note: Data for OECD countries are based on ISIC, revision 4.

United Kingdom UK: GDP: % of GDP: Gross Value Added: Industry data was reported at 18.574 % in 2017. This records an increase from the previous number of 17.985 % for 2016. United Kingdom UK: GDP: % of GDP: Gross Value Added: Industry data is updated yearly, averaging 20.001 % from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 27.892 % in 1990 and a record low of 17.830 % in 2014. United Kingdom UK: GDP: % of GDP: Gross Value Added: Industry 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. Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average; Note: Data for OECD countries are based on ISIC, revision 4.

United Kingdom UK: GDP: Real: Net Income from Abroad data was reported at -24,216.015 GBP mn in 2015. This records a decrease from the previous number of -22,371.201 GBP mn for 2014. United Kingdom UK: GDP: Real: Net Income from Abroad data is updated yearly, averaging 13,853.045 GBP mn from Dec 1999 (Median) to 2015, with 17 observations. The data reached an all-time high of 36,765.086 GBP mn in 2005 and a record low of -24,216.015 GBP mn in 2015. United Kingdom UK: GDP: Real: Net Income from Abroad 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: Real. 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 constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

In 2023, the GDP of the United States increased by about *** percent compared to the previous year. This comes amid high inflation rates globally, and countries such as Argentina and Germany even experiencing economic decline. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator to measure the economic strength of a country.

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;

UK: GDP: sa: Gross Saving data was reported at 71,709.000 GBP mn in Mar 2017. This records a decrease from the previous number of 72,476.000 GBP mn for Dec 2016. UK: GDP: sa: Gross Saving data is updated quarterly, averaging 41,548.000 GBP mn from Mar 1980 (Median) to Mar 2017, with 149 observations. The data reached an all-time high of 72,476.000 GBP mn in Dec 2016 and a record low of 10,176.000 GBP mn in Mar 1980. UK: GDP: sa: Gross Saving 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: by Expenditure: Seasonally Adjusted: Quarterly.

Quarterly transactions associated with changes of ownership of the UK's foreign financial assets and liabilities. These include direct, portfolio and other investment, sector analysis and government reserve assets.

Quarterly estimates of national product, income and expenditure, sector accounts and balance of payments.

The economy of the United Kingdom shrank by 0.3 percent in April 2025, after growing by 0.2 percent in March 2025. As of the most recent month, the UK economy is around 4.2 percent larger than it was in February 2020, just before the start of COVID-19 lockdowns. After a record 19.6 percent decline in GDP in April 2020, the UK economy quickly returned to growth in the following months, and grew through most of 2021. Cost of living crisis lingers into 2025 As of December 2024, just over half of people in the UK reported that their cost of living was higher than it was in the previous month. Although this is a decline from the peak of the crisis in 2022 when over 90 percent of people reported a higher cost of living, households are evidently still under severe pressure. While wage growth has outpaced inflation since July 2023, overall consumer prices were 20 percent higher in late 2024 than they were in late 2021. For food and energy, which lower income households spend more on, late 2024 prices were almost 30 percent higher when compared with late 2021. According to recent estimates, living standards, as measured by changes in disposable income fell by 2.1 percent in 2022/23, but did start to grow again in 2023/24. Late 2023 recession followed by growth in 2024 In December 2023, the UK economy was approximately the same size as it was a year earlier, and struggled to achieve modest growth throughout that year. Going into 2023, a surge in energy costs, as well as high interest rates, created an unfavorable environment for UK consumers and businesses. The inflationary pressures that drove these problems did start to subside, however, with inflation falling to 3.9 percent in November 2023, down from a peak of 11.1 percent in October 2022. Although relatively strong economic growth occurred in the first half of 2024, with GDP growing by 0.7 percent, and 0.4 percent in the first two quarters of the year, zero growth was reported in the third quarter of the year. Long-term issues, such as low business investment, weak productivity growth, and regional inequality, will likely continue to hamper the economy going forward.