In 2023, the gross domestic product of London was approximately *** billion British pounds, compared with *** billion pounds in 2022.

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.

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.

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.

Graph and download economic data for Gross Domestic Product: All Industries in New London County, CT (GDPALL09011) from 2001 to 2023 about New London County, CT; Norwich; CT; industry; GDP; and USA.

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.

Graph and download economic data for Total Gross Domestic Product for Norwich-New London, CT (MSA) (NGMP35980) from 2001 to 2023 about Norwich, CT, industry, GDP, and USA.

The UK economy grew by 0.3 percent in the first quarter of 2025, compared with 0.7 percent growth in the previous quarter. After ending 2023 in recession, the UK economy grew strongly in the first half of 2024, growing by 0.9 percent in Q1, and 0.5 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.

Key information about United Kingdom Market Capitalization: % of GDP

• United Kingdom Market Capitalization accounted for 83.8 % of its Nominal GDP in Dec 2024, compared with a percentage of 70.5 % in the previous year
• UK Market Capitalization: % Nominal GDP is updated yearly, available from Dec 1999 to Dec 2024
• The data reached an all-time high of 131.2 % in Dec 2006 and a record low of 70.5 % in Dec 2023

CEIC calculates annual Market Capitalization as % of Nominal GDP from monthly Market Capitalization and quarterly Nominal GDP. London Stock Exchange provides Market Capitalization in local currency. The Office for National Statistics provides Nominal GDP in local currency. As of 2017, definitions from the revised Markets in Financial Instruments Directive (MiFID II) have been introduced. Market Capitalization includes domestically listed companies only.


Further information about United Kingdom Market Capitalization: % of GDP

• In the latest reports, FTSE All-Share recorded a daily P/E ratio of 14.4 in Jul 2022
• FTSE 100 closed at 8,674.0 points in Jan 2025

Annual estimates of balanced UK regional gross domestic product (GDP). Current price estimates and chained volume measures for UK countries, ITL1, ITL2 and ITL3 regions.

In the second quarter of 2025, the quarterly gross domestic product of the United Kingdom was approximately, 705 billion British pounds, compared with around 703 billion pounds in the previous quarter. The large dip in GDP that can be seen in the second quarter of 2020 saw the UK economy fall from 652 billion pounds to 522 billion, with more usual levels of output not recovering until well into 2021. The COVID-19 lockdowns enacted by the UK government at that time was the main reason for this large fall in GDP. Growth lagging as UK heads into 2025 After ending 2023 in recession, the UK economy started 2024 with the strongest quarterly GDP growth in several years, growing by 0.7 percent in the first quarter, and then by 0.4 percent in the second quarter. Economic growth in the second half of the year was, however, far less promising, with GDP flatlining in the third quarter, and monthly GDP shrinking by 0.1 percent in September and then again in October. Although GDP is still forecast to grow in 2025, the overall economic picture is precarious. In November, UK inflation rose to 2.6 percent, compared with just 1.7 percent in September, while the labor market continues to show signs of cooling after a period of high job vacancies and low unemployment. Labour pinning hopes on long-term growth After winning its first general election in 19 years in 2024, the Labour Government has seen its approval ratings plummet in its first few months in office. This shaky start is partly due to a government strategy of making unpopular decisions early in their tenure, which they hope will eventually encourage stable economic growth in the mid to long-term. By far the least popular policy was the withdrawal of winter fuel benefits for a significant number of pensioners, a cost-cutting measure deemed necessary due to the UK's vulnerable public finance position, with government debt at around 100 percent of GDP. A further measure introduced was a national insurance tax increase for employers, with almost half of UK firms citing increased taxes as their main external concern in Q3 2024. Avoiding any further tax rises or cuts to services will depend on if policies in other areas, such as planning reform, will kickstart the UK economy in time before the next election.

Total Quantity Indexes for Real GDP for Norwich-New London, CT (MSA) was 103.95400 Index 2009=100 in January of 2023, according to the United States Federal Reserve. Historically, Total Quantity Indexes for Real GDP for Norwich-New London, CT (MSA) reached a record high of 125.67600 in January of 2007 and a record low of 88.62000 in January of 2001. Trading Economics provides the current actual value, an historical data chart and related indicators for Total Quantity Indexes for Real GDP for Norwich-New London, CT (MSA) - last updated from the United States Federal Reserve on October of 2025.

Graph and download economic data for Real Gross Domestic Product: Government and Government Enterprises in New London County, CT (REALGDPGOVT09011) from 2001 to 2023 about New London County, CT; Norwich; enterprises; CT; government; real; GDP; and USA.

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This table contains data for gross domestic product (GDP), in current dollars, for all census metropolitan area and non-census metropolitan areas.

Annual estimates of balanced UK regional gross value added (GVA(B)). Current price estimates, chained volume measures and implied deflators for local authority districts, London boroughs, unitary authorities and Scottish Council areas, with a detailed industry breakdown.

In July 2025, output in UK agriculture grew by 0.5 percent, with construction growing by 0.2 percent, and services by 0.1 percent. In this month, production output fell by 0.9 percent.

Graph and download economic data for Gross Domestic Product: Private Goods-Producing Industries in New London County, CT (GDPGOODS09011) from 2001 to 2023 about New London County, CT; Norwich; goods-producing; CT; private; industry; GDP; and USA.

Graph and download economic data for Total Quantity Indexes for Real GDP for Norwich-New London, CT (MSA) (QGMP35980) from 2001 to 2023 about Norwich, quantity index, CT, real, industry, GDP, and USA.

As of July 2025, UK construction output as measured by gross value added was 5.1 percent larger than it was in 2022, while agriculture output has grown by 5.2 percent, and service output by 3.5 percent. By comparison, production output has fallen by 2.4 percent.