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.

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.

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.

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.

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 economy of the United Kingdom is expected to fall by 35 percent in the second quarter of 2020, following the Coronavirus outbreak and closure of several businesses. According to the forecast the economy will bounce back in the third quarter of 2020, based on a scenario where the lockdown lasts for three months, with social distancing gradually phased out over a subsequent three-month period.

Forecast: Real Estate Activities Gross Value Added Growth Rate in the UK 2024 - 2028 Discover more data with ReportLinker!

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.

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

Forecast: R&D Productivity Growth Rate in the UK 2022 - 2026 Discover more data with ReportLinker!

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.

Inflation Rate in the United Kingdom decreased to 2.80 percent in February from 3 percent in January of 2025. This dataset provides - United Kingdom Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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

Forecast: Computer Hardware Productivity Growth Rate in the UK 2024 - 2028 Discover more data with ReportLinker!

Leading Economic Index the United Kingdom increased 0.20 percent in January of 2025 over the same month in the previous year. This dataset provides - United Kingdom Monthly GDP- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Forecast: R&D Productivity Percentage Point Contribution to Capital Growth in the UK 2022 - 2026 Discover more data with ReportLinker!

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

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.

Forecast: Government Expenditures on R&D Economic Affairs in the UK 2023 - 2027 Discover more data with ReportLinker!