The UK economy shrank by 0.1 percent in May 2025 after shrinking by 0.3 percent in April. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now around 4.4 percent 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 January 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 Gross Domestic Product (GDP) in the United Kingdom expanded 0.70 percent in the first 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 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.

The latest data from show economic growth of 1.3 percent, which is a decrease from the rate of growth of 1.5 percent in the previous quarter and
an increase compared to the growth rate of 0.7 percent in the same quarter last year. The economic growth time series for the United Kingdom cover the...

The aim of the research was to further understanding of the fundamental determinants of economic reform in the Central and Eastern European and former Soviet Union transition countries. The project was motivated by the following set of questions: What were the determinants of both overall and more specific reform efforts? What were the nature and role of the different specific reforms? What was the relationship between the various specific reforms? Which reform elements were complements and which were substitutes? More specifically, the proposed research had two objectives. One was to construct an extensively-documented panel dataset (covering 25 transition countries from 1989 to 2001) and the second was to use these data to shed light on the role of reform as a determinant of economic performance in the transitional countries. The project aimed to provide objective indicators of economic reform for transition economies. The data would be used to quantify and explain the causal relations and mutual interactions between initial conditions, reform choices and various dimensions of economic performance in the specific conditions of transition from central planning and communism to market economy and democracy.

Graph and download economic data for Real Changes in Inventories for Great Britain (NINVRSAXDCGBQ) from Q1 1995 to Q1 2025 about change, inventories, United Kingdom, and real.

United Kingdom UK: Employment: % Change data was reported at 1.382 % in Mar 2018. This records an increase from the previous number of 1.290 % for Feb 2018. United Kingdom UK: Employment: % Change data is updated monthly, averaging 1.077 % from Apr 1993 (Median) to Mar 2018, with 300 observations. The data reached an all-time high of 2.966 % in Apr 2014 and a record low of -2.279 % in Jun 2009. United Kingdom UK: Employment: % Change data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United Kingdom – Table UK.IMF.IFS: Labour Force, Employment and Unemployment.

Provides details of the changes to UK Economic Accounts tables.

Employment in the United Kingdom increased by 89 in April of 2025. This dataset provides - United Kingdom Employment Change- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

Claimant Count Change in the United Kingdom increased to 33.10 Thousand in May from -21.20 Thousand in April of 2025. This dataset provides the latest reported value for - United Kingdom Claimant Count Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

United Kingdom UK: Producer Price Index: % Change data was reported at 2.220 % in Mar 2018. This records a decrease from the previous number of 3.085 % for Dec 2017. United Kingdom UK: Producer Price Index: % Change data is updated quarterly, averaging 3.521 % from Mar 1958 (Median) to Mar 2018, with 241 observations. The data reached an all-time high of 25.782 % in Dec 1974 and a record low of -8.579 % in Sep 2014. United Kingdom UK: Producer Price Index: % Change data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United Kingdom – Table UK.IMF.IFS: Consumer and Producer Price Index: Quarterly.

United Kingdom UK: Export Volume Index: % Change over Previous Period data was reported at 7.129 % in 2017. This records an increase from the previous number of -0.875 % for 2016. United Kingdom UK: Export Volume Index: % Change over Previous Period data is updated yearly, averaging 3.782 % from Dec 1949 (Median) to 2017, with 69 observations. The data reached an all-time high of 14.593 % in 1950 and a record low of -10.552 % in 2009. United Kingdom UK: Export Volume Index: % Change over Previous Period data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s UK – Table UK.IMF.IFS: Volume and Unit Value Index: Annual.

Graph and download economic data for Nominal Changes in Inventories for Great Britain (NINVNSAXDCGBQ) from Q1 1995 to Q1 2025 about change, inventories, and United Kingdom.

The economic impact to the United Kingdom caused by climate change is expected to be around *** percent of the GDP by 2100 following the current policies (SSP3-7.0). In case of a more strict mitigation (SSP1-2.6), the economic impact could be reduced by around five percentage points.

In the first quarter of 2025, the quarterly gross domestic product of the United Kingdom was approximately, 647 billion British pounds, compared with around 642.3 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 604.7 billion pounds to 481.8 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.

Producer Prices in the United Kingdom increased 0.30 percent in January of 2025 over the same month in the previous year. This dataset provides the latest reported value for - United Kingdom Producer Prices Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Opinions and Lifestyle Survey (OPN) findings about people's worries about climate change and changes to lifestyle to help tackle climate change, Great Britain.