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.

Government spending in the United Kingdom was approximately 44.7 percent of GDP in 2024/25, compared with 39.6 percent in 2019/20.

The government of the United Kingdom borrowed approximately 2.6 percent worth of its GDP in the 2024/25 financial year, compared with 2.3 percent in 2023/24. In 2020/21, government borrowing reached 11.6 percent of GDP, due to increased financial support to public services during the COVID-19 pandemic, combined with reduced revenue because of societal lockdowns.

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.  

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.

With a Gross Domestic Product of over 4.3 trillion Euros, the German economy was by far the largest in Europe in 2024. The similarly sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 7.4 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.95 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid-2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022. In 2025, Germany, now the world's third-largest economy, was estimated at over *** trillion U.S. dollars.

The city of Paris in France had an estimated gross domestic product of 757.6 billion Euros in 2021, the most of any European city. Paris was followed by the spanish capital, Madrid, which had a GDP of 237.5 billion Euros, and the Irish capital, Dublin at 230 billion Euros. Milan, in the prosperous north of Italy, had a GDP of 228.4 billion Euros, 65 billion euros larger than the Italian capital Rome, and was the largest non-capital city in terms of GDP in Europe. The engine of Europe Among European countries, Germany had by far the largest economy, with a gross domestic product of over 4.18 trillion Euros. The United Kingdom or France have been Europe's second largest economy since the 1980s, depending on the year, with forecasts suggesting France will overtake the UK going into the 2020s. Germany however, has been the biggest European economy for some time, with five cities (Munich, Berlin, Hamburg, Stuttgart and Frankfurt) among the 15 largest European cities by GDP. Europe's largest cities In 2023, Moscow was the largest european city, with a population of nearly 12.7 million. Paris was the largest city in western Europe, with a population of over 11 million, while London was Europe's third-largest city at 9.6 million inhabitants.

United Kingdom % of Household: by Size: Five People data was reported at 4.677 % in 2016. This records an increase from the previous number of 4.361 % for 2015. United Kingdom % of Household: by Size: Five People data is updated yearly, averaging 4.634 % from Dec 1996 (Median) to 2016, with 21 observations. The data reached an all-time high of 4.996 % in 1996 and a record low of 4.361 % in 2015. United Kingdom % of Household: by Size: Five People data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.H027: Number of Households, Household Size and Type.

In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

With an ever increasing focus on sustainability and technological innovations, we've looked at how the UK sharing economy has performed over the past five years.

The average for 2023 based on 188 countries was 0.53 percent. The highest value was in the USA: 26.3 percent and the lowest value was in Andorra: 0 percent. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

The Cement Manufacturing industry produces various types of cement, which are supplied to construction markets. Demand is influenced by residential, commercial and infrastructure construction market activity, which typically runs pro-cyclical to the wider economy. A few major global construction material manufacturers dominate the market. Revenue is expected to grow at a compound annual rate of 7.2% over the five years through 2025-26 to £1.3 billion, including estimated growth of 3.6% in 2025-27. Following a solid recovery from its pandemic-driven dip in 2021-22, revenue continued on an upwards trajectory the year after, supported by hefty price hikes from manufacturers as they sought to maintain profit amid spiralling inflation. Revenue growth slowed in 2023-24, hit by weak construction activity – the result of rising interest rates and subdued economic growth. However, continued price hikes from manufacturers stemmed the drop in revenue. Although not to the same extent as 2023-24, construction is set for a modest decline in 2024-25 as high interest rates result in project delays and subdued consumer finances eat into demand for cement. The product mix is set for a shake-up as customers seek more environmentally friendly alternatives to traditional Portland cement. This is prompting manufacturers to pour money into developing green products like blended cement, which mixes Portland cement with supplementary materials like fly ash and silica fume. Despite lingering economic uncertainty in 2025-26, marked by supply chain difficulties and escalating costs, cement sales are being bolstered by state funded infrastructure projects. Revenue is forecast to swell at a compound annual rate of 3.6% over the five years through 2030-31 to £1.5 billion. Construction activity is set to return to growth in 2026-27, supported by stronger UK economic growth, real wage increases and lower mortgage rates, ramping up the need for cement. Key public projects (like Network North and Hinkley Point C) and the £725 billion pledged in the 10 year Infrastructure Strategy will provide a consistent source of demand for cement through healthy levels of infrastructure activity. Reaching net-zero emissions is a pressing issue that cement makers will need to take steps towards, such as through carbon capture factories like the Cement 2 Zero plant and sustainable products.

The United Kingdom recorded a trade deficit of 1094 GBP Million in September of 2025. This dataset provides - United Kingdom Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

The UK prepaid debit card market is experiencing robust growth, driven by increasing demand for convenient and secure payment solutions, particularly among younger demographics and the unbanked population. The market's expansion is fueled by several key factors. Firstly, the rise of e-commerce and digital transactions necessitates readily accessible payment methods beyond traditional bank accounts. Secondly, the growing popularity of mobile payment applications integrated with prepaid cards further enhances their convenience and usability. Thirdly, the increasing adoption of prepaid cards by businesses for payroll and incentive programs contributes significantly to market expansion. Finally, government initiatives promoting financial inclusion also play a vital role. While precise UK market figures aren't provided, extrapolating from the global CAGR of 7% and considering the UK's developed economy and high digital adoption rate, a conservative estimate would place the 2025 UK prepaid debit card market value at approximately £2 billion (assuming a proportional share of the global market given the UK's economic strength). This figure is projected to experience consistent growth over the forecast period (2025-2033), driven by the aforementioned factors. However, the market faces some restraints. Increased competition from established financial institutions offering similar products, and concerns regarding fees and security associated with certain prepaid card offerings, pose challenges. Regulatory changes and potential shifts in consumer preferences could also influence market trajectories. Despite these headwinds, the overall outlook for the UK prepaid debit card market remains positive, driven by strong underlying growth drivers, indicating significant opportunities for market participants. The market segmentation shows diverse application across retail, corporate, government, and financial sectors, with multi-purpose and general-purpose reloadable cards commanding significant shares. Key players in this market include both established financial institutions and fintech companies, each competing with unique product offerings and technological advantages. Recent developments include: In July 2021, Soldo, a startup that issues prepaid company cards to employees that are linked to an automated spending management system, has raised USD 180 million in funding. Soldo presently has 26,000 customers in 30 countries, ranging from small to medium-sized businesses to midmarket companies and huge multinationals., In March 2021, Cashplus, a leading fintech SME bank, added five more prominent Payroll technology platforms to its growing roster of Payments API partners. The Cashplus Payment API is a Banking as a Service offering that employs Open Banking technology to allow Payroll Software Platforms to integrate Bulk Payment functionality directly into their own Payroll, allowing their clients to make bulk payments with ease.. Notable trends are: Commercial Prepaid Card Segment is Driving the Market.

Over the five years through 2025, textile retailing revenue is expected to fall at a compound annual rate of 1.1%. Once a favourite pastime, knitting and sewing have fallen out of favour thanks to the internet boom and alternative entertainment like Netflix and scrolling on social media. As media consumption has shot up, traditional hobbies like knitting and making clothing have plummeted, as have fabric and haberdashery sales. The explosion of fast fashion has decimated the textile and fashion sector. Before, stitching up holes and repairing garments were ways to extend the life of clothing items, but this isn’t the case anymore. The popularity of fast fashion means it’s not worth the time or effort to replace a garment when something new can be bought for less than €20. Gen-Z shoppers have a keen interest in individuality and expressing personality through clothing – including making their own – but this market isn’t big enough to offset falls in other areas. People are paring back expenditure on non-essential items like blankets and table linen while household finances remain tight. Inflation has reshaped consumer priorities. Although price growth has moderated since 2022, real incomes remain constrained, prompting households to save more and spend less on non-essentials and consumers increasingly favour budget retailers like IKEA over heritage brands. Demographic trends add further complexity. Delayed independence and overcrowding in many European markets dampen demand for large-format or decorative fabrics, but growth potential lies in compact, modular and affordable product lines tailored to renters and shared households, while markets with earlier household formation still support fuller assortments. At the same time, sustainability has moved centre stage. The EU’s Extended Producer Responsibility scheme, effective from 2025, compels retailers to manage textile waste and redesign products for circularity. Social media accelerates trend cycles and intensifies competition from agile digital players. To thrive, retailers must combine value, sustainability and speed, leveraging digital influence while adapting product strategies to shifting economic and demographic realities. In 2025, revenue is expected to drop 0.8% to €17.4 billion, while profit inches down to 4.8% as competitive and cost pressures grow.Over the five years through 2030, textile retailing revenue is expected to inch up at a compound annual rate of 2.6% to €19.7 billion. Europe’s home textile retailers are reshaping supply chains to boost resilience and meet new sustainability rules. Energy shocks, supply disruptions and regulatory pressure are accelerating nearshoring to Portugal, Romania, Turkey and Bulgaria, cutting lead times, transport emissions and inventory waste while improving traceability. From 2030, Digital Product Passports will make supply chain transparency mandatory, pushing retailers to invest in data systems and traceability infrastructure. At the same time, bio-based fibres and regenerative agriculture are transforming material sourcing. Hemp, lyocell and waste-derived fibres offer lower emissions and compliance advantages, while upcoming EU Green Claims rules demand verifiable sustainability. Early adopters of nearshoring, traceability and sustainable materials will gain speed, trust and competitiveness; laggards face higher costs and regulatory risks.

In 2025, the United States had the largest economy in the world, with a gross domestic product of over 30 trillion U.S. dollars. China had the second largest economy, at around 19.23 trillion U.S. dollars. Recent adjustments in the list have seen Germany's economy overtake Japan's to become the third-largest in the world in 2023, while Brazil's economy moved ahead of Russia's in 2024. Global gross domestic product Global gross domestic product amounts to almost 110 trillion U.S. dollars, with the United States making up more than one-quarter of this figure alone. The 12 largest economies in the world include all Group of Seven (G7) economies, as well as the four largest BRICS economies. The U.S. has consistently had the world's largest economy since the interwar period, and while previous reports estimated it would be overtaken by China in the 2020s, more recent projections estimate the U.S. economy will remain the largest by a considerable margin going into the 2030s.The gross domestic product of a country is calculated by taking spending and trade into account, to show how much the country can produce in a certain amount of time, usually per year. It represents the value of all goods and services produced during that year. Those countries considered to have emerging or developing economies account for almost 60 percent of global gross domestic product, while advanced economies make up over 40 percent.

Revenue in Europe’s Convention and Trade Show Organisations industry is forecast to expand at a compound annual rate of 12.8% to €33 billion over the five years through 2025. The industry's revenue is influenced by broader economic conditions, with prospects for event sales primarily shaped by business budgets and clients' disposable incomes. The severe plunge in revenue due to the COVID-19 outbreak was subsequently counteracted by a substantial revival in revenue growth. This resulted from convention and trade show organisations resuming operations and adopting hybrid approaches, which attracted a more global attendance and expanded income opportunities. The industry has been weathered by unfavourable economic headwinds since the pandemic, as inflationary pressures hit the Eurozone, limiting significant investment into new projects, compounded by lacklustre business sentiment. The industry's key clientele is the commercial enterprises whose participation in events like trade shows and conventions mainly depends on their economic outlook. Private individuals are more likely to attend events during a positive consumer climate. This directly influences the appeal for companies to showcase themselves as exhibitors at trade shows. Inflationary pressures are set to ease over 2025, with promising signs of strengthening business and consumer sentiment, which will benefit the industry. In 2025, revenue is forecast to climb by 2.1%. Revenue is projected to swell at a compound annual rate of 7.3% over the five years through 2030 to €46.9 billion. The industry is set to benefit from Europe’s improving economy in the coming years as markets stabilise and clients begin to expand investment, requiring the services of convention and trade show organisations. The industry’s will increasingly be influenced by telecommunications and digitalisation after consumers were forced onto online teleconferencing amid COVID-19 disruptions to travel. Continued growth in online substitutes to the industry will prove detrimental to the industry, with convention and trade show organisations adapting by implementing their own digitalisation efforts. Moreover, sustainability initiatives will continue to gather pace as businesses strive to reach net zero emission targets in the coming years.

This dataset provides values for GDP ANNUAL GROWTH RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.