In 2023, London GDP shrank by 0.5 percent, compared with growth of 7.9 percent in 2022.

The statistic shows the growth rate in the real GDP in the United Kingdom from 2020 to 2024, with projections up until 2030. In 2024, the rate of GDP growth in the United Kingdom was at around 1.1 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.

Annual estimates of balanced UK regional gross domestic product (GDP). Current price estimates and chained volume measures for local authority districts, London boroughs, unitary authorities and Scottish Council areas.

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 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. Additional data from the latest edition of London’s Economy Today can be found here on the Datastore. Sign up to receive London's Economy Today every month. 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 The Land Registry house price index (Quarterly since 1968). Land Registry data External link 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. 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

The United Kingdom's economy grew by 1.1 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.

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 2011. * All growth rates are in percentage change per annum. * All employment levels are in millions. * All output levels are in £bn.

The main aim of this work is to develop a set of high level macro economic scenarios for the medium-term (to the end of 2022) and for the long-term (to 2030) in order to inform the development of recovery strategies in London, reflecting unprecedented uncertainty on the economic outlook.

The primary scenario dimensions include Effectiveness/nature of public health response and Effectiveness/impact of economic support measures. Other scenario dimensions include: Brexit and migration; International economic context; Technology and innovation; Financial climate; Political economy; Economic Geography and GHG emissions.

This is an agile project - GLA Economics will continue to track actual data in order to review the assessment of the likelihood of alternative scenario outcomes. Successive updates will be released when they become available for the benefit of external stakeholders in tackling the COVID-19 crisis.

Welcome to the City Data Strategy for London. This document is built around the following vision: We want London to have the most dynamic and productive City Data Market in the world. In our City Data Market, the capabilities, talents and capacity of all our city data partners will impact on our huge social, economic and service-based challenges. To make this happen, friction in the sharing and value-driven exploitation of city data will be reduced to a minimum. City data will be recognised as part of the capital’s infrastructure. We will use it to save money, incubate innovation and drive economic growth. And London will achieve global renown for data impact. We will of course use this strategy in support of City Hall initiatives like the Smart London Plan, but we acknowledge at the outset that the Greater London Authority simply cannot deliver this strategy on its own. Indeed, data knows no boundaries and is hard to contain, so we should not try. Our simple aim is to make sure that London, its economy and its communities are able to derive maximum benefit from the undoubted potential London’s Data Market can deliver. It therefore signals the start of a plan which will actively integrate and mobilise all the ‘working parts’ of the city data economy. We want the various audiences that the Strategy is aimed at to engage with it. We will listen and evolve the strategy as this rapidly developing part of the cityscape develops.

In 2023, London had a gross domestic product of over 569 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 360 billion pounds. North West England, which includes the major cities of Manchester and Liverpool, had the third-largest GDP among UK regions, at almost 250 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 over 63,600 pounds per person in the UK capital, compared with just over 37,100 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.

View LSEG's extensive Economic Data, including content that allows the analysis and monitoring of national economies with historical and real-time series.

R: Arts, entertainment and recreation, Quarterly growth rate on previous quarter, Chained volume measure, London. Quarterly 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, London, South East, South West).

The GLA strongly believes that Government needs to do more to unlock the power of data, helping organisations to make better decisions and operate more efficiently. Greater sharing of information between public authorities will allow them to improve the lives of citizens and help the economy flourish. To this end, in March 2016, the GLA launched the London City Data Strategy. The aim of this strategy is to give London the most dynamic and productive city data market in the world by reducing friction in the sharing and value-driven exploitation of city data to a minimum. The GLA seeks to recognise city data as part of the capital’s infrastructure, using it to save money, incubate innovation, and drive economic growth, helping London to achieve global renown for data impact. Within this Strategy, we have committed to - as a priority action - pushing for broad access to data across government departments e.g. HMRC and DWP) for London, to overcome issues which currently prevent further data sharing opportunities outside departmental silos and which stand in the way of value creation.

In 2024, the gross domestic product (GDP) of the United Kingdom grew by *** percent and is expected to grow by just *** percent in 2025 and by *** percent in 2026. Growth is expected to slow down to *** percent in 2027, and then grow by ***, and *** 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 *** percent contraction in 2020, with the economy recovering somewhat in 2021, when the economy grew by *** percent. UK growth downgraded in 2025 Although the economy is still expected to grow in 2025, the *** percent growth anticipated in this forecast has been halved from *** 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 *** percent predicated, up from *** percent in the last forecast. Unemployment is also anticipated to be 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 Labour government elected in 2024, although after almost one year in power it has so far proven elusive.

Gross domestic product (GDP) in current market prices and as chained volume measures, plus GDP per capita, for each local authority district, metropolitan district, London borough and Scottish Council area in the UK.

Tap into the UK’s fastest-growing industries to identify opportunities both within and beyond the London area.

The London Energy and Greenhouse Gas Inventory (LEGGI) is an emissions inventory which quantifies greenhouse gas emissions released to the environment from activities in London. It also quantifies emissions removed through Land Use, Land Change and Forestry sector activities. It is produced on an annual basis to measure progress against the Mayor's emissions reduction targets for London. The inventory provides emissions in the following five categories: I. Stationary Energy II. Transport III. Waste IV. Industrial processes and product use (IPPU) V. Agriculture, forestry, and other land use (AFOLU) Publications earlier than the 2018 LEGGI only included emissions in the first two of these categories. However, LEGGI now provides estimates of these additional sectors for earlier years. The coronavirus (COVID-19) pandemic and the resulting restrictions introduced in 2020 across London and the UK had major impacts on various aspects of society and the economy, which had a significant impact on greenhouse gas emissions. 2020 statistics should therefore be cited with caution. In 2022, London’s emissions were 28.40 million tonnes (MtCO 2 e). Over the short-term, emissions went down from 31.94 MtCO 2 e in 2019 (pre-pandemic), to 28.37MtCO 2 e in 2021 and then in 2022 there was a very small ‘pandemic rebound effect’ as emissions increased to 28.40 MtCO 2 e. Over the longer term, emissions are 37 per cent lower than 1990 levels and 44 per cent below the peak of emissions in 2000. Despite a 30 per cent increase in population since 1990 and significant economic growth over that period, London’s per capita emissions have reduced by 52 per cent, from 6.7 tCO 2 e in 1990 to 3.2 tCO 2 e in 2022. Compared to the rest of the UK, London has the lowest per capita emissions of any region.

In 2023, the gross domestic product per capita in London was 63,618 British pounds, compared with 37,135 pounds per capita for the United Kingdom as a whole. Apart from London, the only other region of the UK that had a greater GDP per capita than the UK average was South East England, at 38,004 pounds per capita. By contrast, North East England had the lowest GDP per capita among UK regions, at 26,347 pounds. Regional imbalance in the UK economy? London's overall GDP in 2022 was over 508 billion British pounds, which accounted for almost a quarter of the overall GDP of the United Kingdom. South East England had the second-largest regional economy in the country, with a GDP of almost 341.7 billion British pounds. Furthermore, these two regions were the only ones that had higher levels of productivity (as measured by output per hour worked) than the UK average. While recent governments have recognized regional inequality as a major challenge facing the country, it may take several years for any initiatives to bear fruit. The creation of regional metro mayors across England is one of the earliest attempts at giving regions and cities in particular more power over spending in their regions than they currently have. UK economy growth slow in late 2024 After ending 2023 with two quarters of negative growth, the UK economy grew at the reasonable rate of 0.8 percent and 0.4 percent in the first and second quarters of the year. This was, however, followed by zero growth in the third quarter, and by just 0.1 percent in the last quarter of the year. Other economic indicators, such as the inflation rate, fell within the expected range in 2024, but have started to rise again, with a rate of three percent recorded in January 2025. While unemployment has witnessed a slight uptick since 2022, it is still at quite low levels compared with previous years.

Quarterly 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, London, South East, South West).

•GLA Economics has produced long-run projections of London’s employment since 2002. These projections are trend based and set out the long run path of employment considered most likely based on the historic data available at the time of construction. These are used within the GLA for planning to provide capacity to accommodate the longer-terms needs of the London economy. Given their importance to GLA policy planning, this note looks at how the GLA Economics’ employment projections have performed since 2002 and how this compares to projections from some other respected organisations. •Although GLA Economics’ employment projections are consistently below outturn, much of this is the result of upward revisions to historic employment data (which underpin the projections model). Further, the projections perform relatively well when looking at the projected annual growth rate and average annual error in relation to outturn, with the accuracy of the projections generally improving the longer the time period over which the estimates are analysed. •The revisions to historic employment data also drive much of the variability in the GLA Economics’ employment projections numbers over time. However, and by design, the revised projections are relatively consistent over time and average revisions between iterations in GLA Economics employment projections are relatively small.