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.

The statistic shows the GDP of the United Kingdom between 1987 and 2023, with projections up until 2029, in US dollars.Private-sector-led economic recoveryGDP is counted among the primary indicators that are used to gauge the state of health of a national economy. GDP is the total value of all completed goods and services that have been produced within a country in a given period of time, usually a year. GDP figures allow us to gain a broader understanding of a country’s economy in a clear way. Real GDP, in a similar way, is also a rather useful indicator; this is a measurement that takes prices changes (inflation and deflation) into account, thereby acting as a key indicator for economic growth.The gross domestic product of the United Kingdom is beginning to show signs of recovery since seeing a sharp decline in the wake of the financial crisis. The decreasing unemployment rate in the United Kingdom is also indicating that the worst could be over for the country. However, some concerns have arisen about what forms of employment are being represented, how stable the jobs are, and whether or not they are simply being cited by officials in government as validation for reforms that are criticized by opponents as being ‘ideologically motivated’. Whatever the political motivation, the coalition government’s efforts to let the private sector lead the economic recovery through increasing employment in the UK in the private sector appear, for now at least, to be working.

The Gross Domestic Product (GDP) in the United Kingdom was worth 3380.85 billion US dollars in 2023, according to official data from the World Bank. The GDP value of the United Kingdom represents 3.21 percent of the world economy. This dataset provides the latest reported value for - United Kingdom GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

The Gross Domestic Product (GDP) in the United Kingdom expanded 1.40 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - United Kingdom GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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;

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

In 2023, the GDP of the United States increased by about 2.5 percent compared to the previous year. This comes amid high nflation 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.

Key information about UK Nominal GDP Growth

• United Kingdom Nominal GDP Growth was reported at 5.684 % in Dec 2024.
• This records an increase from the previous number of 4.679 % for Sep 2024.
• UK Nominal GDP Growth data is updated quarterly, averaging 6.139 % from Mar 1956 to Dec 2024, with 276 observations.
• The data reached an all-time high of 26.888 % in Mar 1975 and a record low of -14.376 % in Jun 2020.
• UK Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

Key information about United Kingdom Real GDP Growth

• The Gross Domestic Product (GDP) in United Kingdom expanded 0.4 % YoY in Dec 2022, following a growth of 1.9 % in the previous quarter.
• Real GDP Growth YoY data in UK is updated quarterly, available from Mar 1956 to Dec 2022, with an average rate of 2.2 %.
• The data reached an all-time high of 24.4 % in Jun 2021 and a record low of -22.6 % in Jun 2020.

• In the latest reports, Nominal GDP of UK reached 744.4 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.6 % in Dec 2022.
• GDP Per Capita in UK reached 46,373.9 USD in Dec 2021.
• Its Gross Savings Rate was measured at 16.3 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 16.7 % in Sep 2022.
• Public Consumption accounted for 20.8 % in Sep 2022.
• Private Consumption accounted for 62.9 % in Sep 2022.

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.

Monthly estimate of gross domestic product (GDP) containing constant price gross value added (GVA) data for the UK.

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;

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;

Full Year GDP Growth in the United Kingdom increased to 0.90 percent in 2024 from 0.40 percent in 2023. This dataset includes a chart with historical data for the United Kingdom Full Year Gdp Growth.

A detailed breakdown of the components of GDP.

Forecast: Contribution to GDP of Manufacturing in the UK 2024 - 2028 Discover more data with ReportLinker!

Forecast: GDP Energy Intensity in the UK 2024 - 2028 Discover more data with ReportLinker!

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.