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.

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.30 percent in the second 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 economy of the United Kingdom shrank by 0.1 percent in May 2025, after shrinking by 0.3 percent in April 2025. As of the most recent month, the UK economy is around 4.4 percent larger than it was in February 2020, just before the start of COVID-19 lockdowns. After a record 19.6 percent decline in GDP in April 2020, the UK economy quickly returned to growth in the following months, and grew through most of 2021. Cost of living crisis lingers into 2025 As of December 2024, just over half of people in the UK reported that their cost of living was higher than it was in the previous month. Although this is a decline from the peak of the crisis in 2022 when over 90 percent of people reported a higher cost of living, households are evidently still under severe pressure. While wage growth has outpaced inflation since July 2023, overall consumer prices were 20 percent higher in late 2024 than they were in late 2021. For food and energy, which lower income households spend more on, late 2024 prices were almost 30 percent higher when compared with late 2021. According to recent estimates, living standards, as measured by changes in disposable income fell by 2.1 percent in 2022/23, but did start to grow again in 2023/24. Late 2023 recession followed by growth in 2024 In December 2023, the UK economy was approximately the same size as it was a year earlier, and struggled to achieve modest growth throughout that year. Going into 2023, a surge in energy costs, as well as high interest rates, created an unfavorable environment for UK consumers and businesses. The inflationary pressures that drove these problems did start to subside, however, with inflation falling to 3.9 percent in November 2023, down from a peak of 11.1 percent in October 2022. Although relatively strong economic growth occurred in the first half of 2024, with GDP growing by 0.7 percent, and 0.4 percent in the first two quarters of the year, zero growth was reported in the third quarter of the year. Long-term issues, such as low business investment, weak productivity growth, and regional inequality, will likely continue to hamper the economy going forward.

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.

The Gross Domestic Product (GDP) in the United Kingdom expanded 1.20 percent in the second 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.

Key information about United Kingdom Real GDP Growth

• The Gross Domestic Product (GDP) in United Kingdom expanded 0.4 % YoY in Dec 2022, following a growth of 1.9 % in the previous quarter.
• Real GDP Growth YoY data in UK is updated quarterly, available from Mar 1956 to Dec 2022, with an average rate of 2.2 %.
• The data reached an all-time high of 24.4 % in Jun 2021 and a record low of -22.6 % in Jun 2020.

• In the latest reports, Nominal GDP of UK reached 744.4 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.6 % in Dec 2022.
• GDP Per Capita in UK reached 46,373.9 USD in Dec 2021.
• Its Gross Savings Rate was measured at 16.3 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 16.7 % in Sep 2022.
• Public Consumption accounted for 20.8 % in Sep 2022.
• Private Consumption accounted for 62.9 % in Sep 2022.

The economy of the United Kingdom is expected to fall by ** 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.

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.

Full Year GDP Growth in the United Kingdom increased to 1.10 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.

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.

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.

Monthly GDP MoM in the United Kingdom increased to 0.40 percent in June from -0.10 percent in May of 2025. This dataset includes a chart with historical data for the United Kingdom Monthly GDP MoM.

The United Kingdom: Economic growth forecast: The latest value from 2030 is 1.44 percent, unchanged from 1.44 percent in 2029. In comparison, the world average is 3.25 percent, based on data from 182 countries. Historically, the average for the United Kingdom from 1980 to 2030 is 1.91 percent. The minimum value, -10.3 percent, was reached in 2020 while the maximum of 8.58 percent was recorded in 2021.

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.

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.

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.

Annual and quarterly data for UK gross domestic product (GDP) estimates, in chained volume measures and current market prices.

The United Kingdom: Economic growth: the rate of change of real GDP: The latest value from 2024 is 1.1 percent, an increase from 0.4 percent in 2023. In comparison, the world average is 3.20 percent, based on data from 177 countries. Historically, the average for the United Kingdom from 1961 to 2024 is 2.27 percent. The minimum value, -10.3 percent, was reached in 2020 while the maximum of 8.58 percent was recorded in 2021.

Monthly GDP YoY in the United Kingdom increased to 1.40 percent in June from 0.90 percent in May of 2025. This dataset includes a chart with historical data for the United Kingdom Monthly GDP YoY.

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.