The UK economy shrank by 0.1 percent in September 2025 after reporting zero growth in the previous month. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now slightly larger than it was before the COVID-19 pandemic. After the initial recovery from the pandemic, however, the UK economy has effectively flatlined, fluctuating between low growth and small contractions since 2022. Labour banking on growth to turn around fortunes in 2025 In February 2025, just over half a year after winning the last general election, the approval rating for the new Labour government fell to a low of -48 percent. Furthermore, the Prime Minister, Keir Starmer was not only less popular than the new Conservative leader, Kemi Badenoch, but also the leader of the Reform Party, Nigel Farage, whose party have surged in opinion polls recently. This remarkable decline in popularity for the new government is, in some part, due to a deliberate policy of making tough decisions early. Arguably, the most damaging of these policies was the withdrawal of the winter fuel allowance for some pensioners, although other factors such as a controversy about gifts and donations also hurt the government. While Labour aims to restore the UK's economic and political credibility in the long term, they will certainly hope for some good economic news sooner rather than later. Economy bounces back in 2024 after ending 2023 in recession Due to two consecutive quarters of negative economic growth, in late 2023 the UK economy ended the year in recession. After not growing at all in the second quarter of 2023, UK GDP fell by 0.1 percent in the third quarter, and then by 0.3 percent in the last quarter. For the whole of 2023, the economy grew by 0.4 percent compared to 2022, and for 2024 is forecast to have grown by 1.1 percent. During the first two quarters of 2024, UK GDP grew by 0.7 percent, and 0.4 percent, with this relatively strong growth followed by zero percent growth in the third quarter of the year. Although the economy had started to grow again by the time of the 2024 general election, this was not enough to save the Conservative government at the time. Despite usually seen as the best party for handling the economy, the Conservative's economic competency was behind that of Labour on the eve of the 2024 election.

The United Kingdom's economy grew by 1.1 percent in 2024, after a growth rate of 0.3 percent in 2023, 5.1 percent in 2022, 8.5 percent in 2021, and a record ten 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.

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 growth downgraded in 2025 Although the economy is still expected to grow in 2025, the one percent growth anticipated in this forecast has been halved from two percent in October 2024. Increased geopolitical uncertainty as well as the impact of American tariffs on the global economy are some of the main reasons for this mark down. The UK's inflation rate for 2025 has also been revised, with an annual rate of 3.2 percent predicated, up from 2.6 percent in the last forecast. Unemployment is also anticipated to be higher than initially thought, with the annual unemployment rate likely to be 4.5 percent instead of 4.1 percent. Long-term growth problems 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 that last recession, however, the UK economy has been struggling with weak growth. Although growth since the pandemic has been noticeably sluggish, there has been a clear long-term trend of declining growth rates. The economy has consistently been seen as one of the most important issues to people in Britain, ahead of health, immigration and the environment. Achieving strong levels of economic growth is one of the main aims of the Labour government elected in 2024, although after almost one year in power it has so far proven elusive.

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.10 percent in the third quarter of 2025 over the previous quarter. This dataset provides the latest reported value for - United Kingdom GDP 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 expanded 1.30 percent in the third quarter of 2025 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.

In 2024, the gross domestic product (GDP) of the United Kingdom grew by *** percent and is expected to grow by *** percent in 2025 and by *** percent in 2026. Between 2027 and 2030, the economy is forecast to grow by ****percent every year. The sudden emergence of COVID-19 in 2020 and subsequent closure of large parts of the economy were the cause of the huge *** percent contraction in 2020, with the economy recovering somewhat in 2021, when the economy grew by *** percent. Long-term growth downgraded Although the UK economy will grow faster than expected in 2025, long-term economic growth is predicted to be slower. Increased geopolitical uncertainty as well as lower than expected productivity growth were some of the main reasons cited for this downgrade. In addition, the UK's inflation rate for 2025 was also revised, with an annual rate of *** percent predicated, up from *** percent in the last forecast. Unemployment has also been higher than initially thought, with the annual unemployment rate likely to be *** percent instead of *** percent. Long-term growth problems In the last two quarters of 2023, the UK economy shrank by *** percent in Q3 and by *** percent in Q4, plunging the UK into recession for the first time since the COVID-19 pandemic. Even before that last recession, however, the UK economy has been struggling with weak growth. Although growth since the pandemic has been noticeably sluggish, there has been a clear long-term trend of declining growth rates. The economy has consistently been seen as one of the most important issues to people in Britain, ahead of health, immigration and the environment. Achieving strong levels of economic growth is one of the main aims of the current government elected, although after one and a half years in power it has so far proven elusive.

The UK economy grew by 0.1 percent in the third quarter of 2025, compared with 0.3 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 0.6 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.

The study’s topic is the computation of indices of production for the Great Britain industry. Indices for the whole industrial development where computed as well as indices for single industrial sectors. In macroeconomic view important results of economical research in the 90ies have revised the traditional interpretation of the so called “industrial revolution”. Starting point of the discussion were the data of Walther G. Hoffmanns research of the English economy, showing a distinct increase of Great Britains industrial growth rate since 1780. Causes, process and Characteristics of the industrial revolution in Great Britain were the object of the discussion, leading to a relativization of the processes. The result of this discussion was, that the century from 1750 to 1850 is considered as an era of a widely continuous development of already invested economic trends.

Topics: Tables in the ZA-Onlinedatabase HISTAT

A. Tabelle von W.G. Hoffmann - Indizes zur langfristigen wirtschaftlichen Entwicklung Großbritanniens (1700-1935) - Die Gewichte für den Index der industriellen Produktion des Vereinigten Königreichs (Gesamte Industrie=100) (1740-1924) - Die Entwicklung der industriellen Produktion des Vereinigten Königreichs (1740-1924) - Die Produktion und die Beschäftigung der Industrie in England und Wales (1841-1931) - Die Verteilung der in der Industrie Beschäftigten im Vereinigten Königreich (1841-1881) - Die direkt und indirekt ermittelten Nettoproduktionswerte der Industrie des Vereinigten Königreichs (1850-1930) - Die Indizes der industriellen Nettoproduktionswerte und der Lohnsumme im Vereinigten Königreich (1841-1931)

B. CLM-Indices der industriellen Produktion nach Crafts/Harley (1992): - Großbritannien: Revidierte CLM-Indices der industriellen Produktion (1700-1857) - Großbritannien: Das Wachstum der industriellen Produktion (in Prozent pro Jahr), verschiedene Schätzungen (1700-1841)

C. Nominaler Lohnindex nach David Greasley - Großbritannien: Nominaler Lohnindex nach David Greasley (1856 1913) - Großbritannien: Nominaler Lohnindex für den Dienstleistungssektor nach David Greasley (1856 1913)

In 2025, the UK economy is expected to grow by just one percent, according to the economic and fiscal outlook from March 2025. GDP growth has been downgraded from two percent when compared with the previous forecast from October 2024. The inflation rate is expected to average out at 3.2 percent, and the unemployment rate at 4.5 percent. Inflation distress continues for UK consumers The expected increase in UK inflation for 2025 looks set to peak at 3.7 percent in the third quarter of the year, before falling to two percent by early 2026. Though this spike in prices will be far less serious than in 2022, when UK inflation reached a peak of 11.1 percent in October 2022, UK households are still suffering from the impact of the previous crisis. In March 2025, approximately 59 percent of UK households were dealing with rising living costs, relative to the previous month, mainly due to rising energy and food costs. Unemployment set to rise in 2025 Aside from rising prices and a slowing economy, the UK will also have to contend with rising unemployment in 2025. As with inflation, however, the rise in unemployment is expected to be relatively mild and short-lived, especially when compared with previous periods of high unemployment. Recently, the government has been more concerned about high levels of economic inactivity, especially among young people, with the number of 16- to 24-year-olds not in employment, education, or training approaching one million towards the end of 2024.

The Gross Domestic Product (GDP) in the United Kingdom was worth 3643.83 billion US dollars in 2024, according to official data from the World Bank. The GDP value of the United Kingdom represents 3.43 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.

Historical dataset showing British Virgin Islands economic growth by year from N/A to N/A.

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 the 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.

This dataset is about book subjects. It has 1 row and is filtered where the books is British economic growth,1688-1959 : trends and structure. It features 10 columns including number of authors, number of books, earliest publication date, and latest publication date.

The Gross Domestic Product per capita in the United Kingdom was last recorded at 47265 US dollars in 2024. The GDP per Capita in the United Kingdom is equivalent to 374 percent of the world's average. This dataset provides the latest reported value for - United Kingdom GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The starting point of Tilly’s investigation is Hoffmann’s interpretation of the relationship between finance and economic growth (see: W.G. Hoffmann and others, 1965: The growth of the German economy since the mid-19th century, Berlin et al.). Tilly thinks that Hoffman’s interpretation of the relationship is problematical. In the center of Tilly’s analysis is the capital market, i.e. the stock exchange; the credit banks remained in the field of view, because they were in the period from 1880 to 1913 the most important players of the capital market: as an agent in the context of the security flotations and as creditors in the context of exchange businesses of all kinds. To bring out the significance of the capital market for Germany’s economic development more clearly, Tilly verifies not only the development of the market with collected data and information on the development of the German economy, but he also compares two national economies with the aim to stress the influence of a given institutional structure at the historical observed economic growth. Tilly compares Germany and Great Britain. On the German part the influence of the large banks is in the center of the attention, because a close relationship between the development of large German banks and the development of heavy industry is suspected. Compard with Germany Great Britain has exported a large proportion of its savings into other countries. Against this background, Tilly wants to analyze whether significant differences between the British and the German capital market for the support of industrial growth can be identified (see Tilly, R. (1984): S. 264ff).

Data tables in the search- and downloadsystem HISTAT (Topic: Mony and Currency, Finance Sector (= Geld und Währung, Finanzsektor) ):

A.01 Wertpapieremissionen Großbritannien und Deutschland, in Millionen Pfund und Mark (1882-1913) A.02 Nettoinvestitionen und industrielle Wertpapieremissionen in Großbritannien und Deutschland, Jahresdurchschnitte (1882-1913) A.03 Struktur der industriellen Neuemissionen Großbritanniens, in Tausend Pfund (1882-1912) A.04 Neuemissionen inländischer Industrie- und ausländische Wertpapiere in Deutschland, in Millionen Mark (1883-1913) A.05 Aktienrendite, Kapitalmarktzins und Anteil der Aktienemissionen an den Gesamtemissionen industrieller Wertpapiere in Deutschland und Großbritannien, in Prozent (1886-1912)

HISTAT is offered only in German language.

The gross domestic product of the United Kingdom in 2024 was around 2.78 trillion British pounds, an increase when compared to the previous year, when UK GDP amounted to about 2.75 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.  

Context

English and Great Britain Service Sector Production 1270-1870.

Broadberry, Stephen, Bruce M.S. Campbell, Alexander Klein, Mark Overton and Bas van Leeuwen (2015), British Economic Growth, 1270-1870, Cambridge: Cambridge University Press http://www.cambridge.org/gb/academic/subjects/history/economic-history/british-economic-growth-12701870?format=PB

Content

English and Great Britain service sectors.

Acknowledgements

Broadberry, Stephen, Bruce M.S. Campbell, Alexander Klein, Mark Overton and Bas van Leeuwen (2015), British Economic Growth, 1270-1870, Cambridge: Cambridge University Press http://www.cambridge.org/gb/academic/subjects/history/economic-history/british-economic-growth-12701870?format=PB

https://www.bankofengland.co.uk/statistics/research-datasets

Photo by Nico Marais on Unsplash

Inspiration

Inflation, Pandemics and Wars.

Virgin Islands (British) VG: Population: Growth data was reported at 1.723 % in 2023. This records an increase from the previous number of 1.340 % for 2022. Virgin Islands (British) VG: Population: Growth data is updated yearly, averaging 2.557 % from Dec 1961 (Median) to 2023, with 63 observations. The data reached an all-time high of 5.816 % in 2018 and a record low of -3.542 % in 2017. Virgin Islands (British) VG: Population: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Virgin Islands (British) – Table VG.World Bank.WDI: Population and Urbanization Statistics. Annual population growth rate for year t is the exponential rate of growth of midyear population from year t-1 to t, expressed as a percentage . Population is based on the de facto definition of population, which counts all residents regardless of legal status or citizenship.;Derived from total population. Population source: (1) United Nations Population Division. World Population Prospects: 2024 Revision; (2) Statistical databases and publications from national statistical offices; (3) Eurostat: Demographic Statistics; (4) United Nations Statistics Division. Population and Vital Statistics Report (various years).;Weighted average;

Virgin Islands (British) VG: Urban Population Growth data was reported at 2.564 % in 2023. This records an increase from the previous number of 2.177 % for 2022. Virgin Islands (British) VG: Urban Population Growth data is updated yearly, averaging 4.209 % from Dec 1961 (Median) to 2023, with 63 observations. The data reached an all-time high of 9.270 % in 1982 and a record low of -2.734 % in 2017. Virgin Islands (British) VG: Urban Population Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Virgin Islands (British) – Table VG.World Bank.WDI: Population and Urbanization Statistics. Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects.;World Bank staff estimates based on the United Nations Population Division's World Urbanization Prospects: 2018 Revision.;Weighted average;

Actual value and historical data chart for British Virgin Islands Population Growth Annual Percent