In 2022, London had a gross domestic product of over 508 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 341 billion pounds. North West England, which includes the major cities of Manchester and Liverpool, had the third-largest GDP among UK regions, at approximately 223.5 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 57,338 pounds per person in the UK capital, compared with just over 33,593 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.

In May 2024, output in UK construction grew by 1.9 percent, with services growing by 0.3 percent, while production output and agriculture output both grew by 0.2 percent.

In 2022, the gross domestic product of London was approximately 508.4 billion British pounds, compared with 484.6 billion pounds in 2021.

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.  

Annual economic activity within England, Wales and the nine English regions (North East, North West, Yorkshire and the Humber, East Midlands, West Midlands, East of England, Greater London, South East, South West).

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.

London’s Economic Outlook is GLA Economics’ London forecast. The forecasts are issued every six months to assist those preparing planning projections for London in the medium term. The report contains the following:

• An overview of recent economic conditions in London, the UK and the world economies with analysis of important events, trends and risks to short and medium-term growth.
• The ‘consensus forecast’ – a review of independent forecasts indicating the range of views about London’s economy and the possible upside and downside risk. In this context, ‘consensus forecast’ refers to the average of the independent forecasters (Cambridge Econometrics, The Centre for Economic and Business Research, Experian Economics, and Oxford Economics)
• The GLA Economics forecast for output, employment, household expenditure and household income in London.

Provided below are links to the current and previous versions of GLA Economics' medium term forecast for the level and growth rate of London's GVA, employment, household income and household expenditure. Forecasts for the growth and level of employment and GVA for selected sectors of the economy are also included.

• All output variables are measured in terms of output at basic prices. The price base for the latest dataset is 2010.
• All growth rates are in percentage change per annum.
• All employment levels are in millions.
• All output levels are in £bn.

Links to current and previous data

May 2014 CSV XLS

November 2013 CSV XLS

July 2013 CSV XLS

November 2012 CSV XLS

June 2012 CSV XLS

November 2011 CSV XLS

May 2011 CSV XLS

In 2024, gross domestic product per capita in the United Kingdom was 36,977 British pounds, compared with 37,028 pounds in the previous year. This was the second-consecutive year that GDP per head has fallen in the UK, with the measure shrinking by 0.9 percent in 2023. In general, while GDP per capita has grown quite consistently throughout this period, there are noticeable declines, especially between 2007 and 2009, and between 2019 and 2020, due to the Global Financial Crisis, and COVID-19 pandemic, respectively. Why is GDP per capita falling when the economy is growing? During the last two years that GDP per capita fell in the UK, the overall economy grew by 0.4 percent in 2023 and 0.9 percent in 2024. While the overall UK economy is therefore larger than it was in 2022, the UK's population has grown at a faster rate, resulting in the lower GDP per capita figure. The long-term slump in the UK's productivity, as measured by output per hour worked, has meant that the gap between GDP growth and GDP per capita growth has been widening for some time. Economy remains the main concern of UK voters As of February 2025, the economy was seen as the main issue facing the UK, just ahead of immigration, health, and several other problems in the country. While Brexit was seen as the most important issue before COVID-19, and concerns about health were dominant throughout 2020 and 2021, the economy has generally been the primary facing voters issue since 2022. The surge in inflation throughout 2022 and 2023, and the impact this had on wages and living standards, resulted in a very tough period for UK households. As of January 2025, 57 percent of households were still noticing rising living costs, although this is down from a peak of 91 percent in August 2022.

The most up-to-date information on London's economy, published by email every month. Each issue includes an overview of current economic conditions, the latest indicators and a supplement on a significant issue facing London.

The LET presence on DataStore aims to create more interaction and a greater personal focus for London’s Economy Today while also allowing for the incorporation of feedback and views from the readership.

Visit the LET homepage.

HOUSING INDICATORS

Nationwide Regional House Price Index (Quarterly since 1973) One of several indicators for house prices published on a quarterly basis. Nationwide External link

Halifax HBOS house price index (Quarterly since 1983) One of several indicators for house prices published on a quarterly basis. Seasonally adjusted data. Lloyds Banking Group plc External link

The Office for National Statistics (ONS) house price index (Quarterly since 1982) One of several indicators for house prices published on a quarterly basis. Office for National Statistics (ONS) External link

• Visit the Housing Indicators Visualisation page here

LABOUR MARKET INDICATORS

The unemployment rate. (Quarterly since Q2 1992) The unemployment rate measures the proportion of the economically active population (those in work plus those seeking and available to work) who were unemployed. Seasonally Adjusted.

• Visit the Labour Market Indicators Visualisation page here

TRANSPORT INDICATORS

London Underground Journeys (Monthly since 2006) including moving average and annual rate of growth

Bus Journeys (Monthly since 2006) including moving average and annual rate of growth

Passengers at London airports (Monthly since 1994) Monthly, and annual airport passenger figures including data from Heathrow, Gatwick, Stanstead and London City airports. Cival Aviation Authority External link

• Visit the Transport Indicators Visualisation page here

A range of indicators for a selection of cities from the New York City Global City database.

Dataset includes the following:

Geography

City Area (km2)

Metro Area (km2)

People

City Population (millions)

Metro Population (millions)

Foreign Born

Annual Population Growth

Economy

GDP Per Capita (thousands $, PPP rates, per resident)

Primary Industry

Secondary Industry

Share of Global 500 Companies (%)

Unemployment Rate

Poverty Rate

Transportation

Public Transportation

Mass Transit Commuters

Major Airports

Major Ports

Education

Students Enrolled in Higher Education

Percent of Population with Higher Education (%)

Higher Education Institutions

Tourism

Total Tourists Annually (millions)

Foreign Tourists Annually (millions)

Domestic Tourists Annually (millions)

Annual Tourism Revenue ($US billions)

Hotel Rooms (thousands)

Health

Infant Mortality (Deaths per 1,000 Births)

Life Expectancy in Years (Male)

Life Expectancy in Years (Female)

Physicians per 100,000 People

Number of Hospitals

Anti-Smoking Legislation

Culture

Number of Museums

Number of Cultural and Arts Organizations

Environment

Green Spaces (km2)

Air Quality

Laws or Regulations to Improve Energy Efficiency

Retrofitted City Vehicle Fleet

Bike Share Program

Key information about UK Gross Savings Rate

• UK Gross Savings Rate was measured at 16.4% in Sep 2024, compared with 16.4% in the previous quarter.
• UK Gross Savings Rate is updated quarterly, with data available from Mar 1955 to Sep 2024, and an average rate of 16.4%.
• The data reached an all-time high of 16.4% in Mar 1973 and a record low of 12.7% in Jun 2009.
• CEIC calculates Gross Domestic Savings Rate from quarterly Gross Domestic Savings and quarterly Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. Final Consumption Expenditure is calculated as the sum of Household, NPISHs and Government Expenditure. Office for National Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, UK GDP expanded 0.2% YoY in Mar 2023.
• UK Nominal GDP reached 786,411.4 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 6.6% in Dec 2022.
• UK GDP Per Capita reached 45,308.8 USD in Dec 2022.

The statistic shows GDP per capita in the United Kingdom from 1987 to 2020, with projections up until 2029. 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.

Total tourism expenditure from each survey and the amount attributable to T&OL activities.

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.

Ecosystem attribution scoring table.

Daily data showing weekday adjusted busyness indices using traffic camera data to monitor flows of cars, pedestrians, cyclists, buses and commercial vehicles for selected cities and regions of the UK. These are official statistics in development. Source: Transport for London, Transport for Greater Manchester

Ecosystem breakdown of expenditure attributable to natural capital for 14 terrestrial activities in Pembrokeshire (£ thousands).

In 2022, Inner London - West was the local region of the United Kingdom that had the highest value of gross domestic product, at approximately, 236 billion British pounds, with Inner London - East having the second-highest amount at 121.8 billion pounds.

Analysis of Ordnance Survey (OS) data on access to private gardens, public parks and playing fields in Great Britain, available by country, region, Local Authority and Middle Layer Super Output Area. This page also includes Natural England survey data on garden access in England, broken down by personal characteristics such as age and ethnicity.

Attribution rates between ecosystem contribution and other capital.