The United Kingdom's economy grew by 1.1 percent in 2024, after a growth rate of 0.3 percent in 2023, 5.1 percent in 2022, 8.5 percent in 2021, and a record ten 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.

United Kingdom UK: GDP: USD data was reported at 2,622.434 USD bn in 2017. This records a decrease from the previous number of 2,650.850 USD bn for 2016. United Kingdom UK: GDP: USD data is updated yearly, averaging 918.504 USD bn from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 3,074.360 USD bn in 2007 and a record low of 72.328 USD bn in 1960. United Kingdom UK: GDP: USD data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Gross Domestic Product: Nominal. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.; ; World Bank national accounts data, and OECD National Accounts data files.; Gap-filled total;

With the collapse of the U.S. housing market and the subsequent financial crisis on Wall Street in 2007 and 2008, economies across the globe began to enter into deep recessions. What had started out as a crisis centered on the United States quickly became global in nature, as it became apparent that not only had the economies of other advanced countries (grouped together as the G7) become intimately tied to the U.S. financial system, but that many of them had experienced housing and asset price bubbles similar to that in the U.S.. The United Kingdom had experienced a huge inflation of housing prices since the 1990s, while Eurozone members (such as Germany, France and Italy) had financial sectors which had become involved in reckless lending to economies on the periphery of the EU, such as Greece, Ireland and Portugal. Other countries, such as Japan, were hit heavily due their export-led growth models which suffered from the decline in international trade. Unemployment during the Great Recession As business and consumer confidence crashed, credit markets froze, and international trade contracted, the unemployment rate in the most advanced economies shot up. While four to five percent is generally considered to be a healthy unemployment rate, nearing full employment in the economy (when any remaining unemployment is not related to a lack of consumer demand), many of these countries experienced rates at least double that, with unemployment in the United States peaking at almost 10 percent in 2010. In large countries, unemployment rates of this level meant millions or tens of millions of people being out of work, which led to political pressures to stimulate economies and create jobs. By 2012, many of these countries were seeing declining unemployment rates, however, in France and Italy rates of joblessness continued to increase as the Euro crisis took hold. These countries suffered from having a monetary policy which was too tight for their economies (due to the ECB controlling interest rates) and fiscal policy which was constrained by EU debt rules. Left with the option of deregulating their labor markets and pursuing austerity policies, their unemployment rates remained over 10 percent well into the 2010s. Differences in labor markets The differences in unemployment rates at the peak of the crisis (2009-2010) reflect not only the differences in how economies were affected by the downturn, but also the differing labor market institutions and programs in the various countries. Countries with more 'liberalized' labor markets, such as the United States and United Kingdom experienced sharp jumps in their unemployment rate due to the ease at which employers can lay off workers in these countries. When the crisis subsided in these countries, however, their unemployment rates quickly began to drop below those of the other countries, due to their more dynamic labor markets which make it easier to hire workers when the economy is doing well. On the other hand, countries with more 'coordinated' labor market institutions, such as Germany and Japan, experiences lower rates of unemployment during the crisis, as programs such as short-time work, job sharing, and wage restraint agreements were used to keep workers in their jobs. While these countries are less likely to experience spikes in unemployment during crises, the highly regulated nature of their labor markets mean that they are slower to add jobs during periods of economic prosperity.

UK air pollution removal A GeoPackage (see https://www.geopackage.org/) that contains the spatial data used in this article:https://www.ons.gov.uk/economy/environmentalaccounts/articles/ukairpollutionremovalhowmuchpollutiondoesvegetationremoveinyourarea/2018-07-30The methodology used to develop estimates for the valuation of air pollution in ecosystem accounts can be found here:https://www.ons.gov.uk/economy/environmentalaccounts/articles/developingestimatesforthevaluationofairpollutioninecosystemaccounts/2017-07-25Download file size: 110 MB

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.  

Annual growth rates (constrained) by UK NUTS1 and NUTS2 regions for gross value added (GVA) in chained volume measures, using the Standard Industrial Classification 2007.

Annual growth rates (constrained) by UK NUTS1 and NUTS2 regions for gross value added (GVA) in current basic prices, using the Standard Industrial Classification 2007.

With the onset of the Global Financial Crisis in the late Summer of 2007, the United Kingdom was one of the first countries to experience financial panic after the United States. In September 2007, the bank Northern Rock became the UK's first bank to collapse in 150 years due to a bank run, as depositors reacted to the announcement that the bank would be seeking emergency liquidity support from the Bank of England by lining up outside their bank branches to withdraw money. The failure of Northern Rock was a bad omen for the UK economy and financial sector, as banks stopped lending to each other and to customers in what became known as the 'credit crunch'. Government bailouts, private bailouts By October 2008, many UK banks were facing a situation where if they did not receive external assistance, then they would have to default on their debts and likely have to declare bankruptcy. The UK's Labour government, led by Prime Minister Gordon Brown, announced that it would provide emergency funds to stabilize the banking system, leading to the part or full nationalization of some of Britain's largest financial firms. Specifically, Royal Bank of Scotland, Lloyds TSB, and HBOS received over 35 billion pounds in a government cash injection, while Barclays opted to seek investment from private investors in order to avoid nationalization, much of which came from the state of Qatar. The bailouts caused UK government debt ratios to almost double over the period of the crisis, while public trust in the financial system sank.

The United Kingdom is the 9 most competitive nation in the world out of 140 countries ranked in the 2019 edition of the Global Competitiveness Report published by the World Economic Forum. This dataset provides the latest reported value for - United Kingdom Competitiveness Rank - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Gross Domestic Product per capita in the United Kingdom was last recorded at 47265 US dollars in 2024. The GDP per Capita in the United Kingdom is equivalent to 374 percent of the world's average. This dataset provides the latest reported value for - United Kingdom GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

United Kingdom Real Average Weekly Earnings: sa: Total Pay: Whole Economy data was reported at 528.000 GBP in Feb 2025. This records an increase from the previous number of 522.000 GBP for Jan 2025. United Kingdom Real Average Weekly Earnings: sa: Total Pay: Whole Economy data is updated monthly, averaging 489.588 GBP from Jan 2000 (Median) to Feb 2025, with 302 observations. The data reached an all-time high of 530.000 GBP in Oct 2024 and a record low of 411.427 GBP in Feb 2000. United Kingdom Real Average Weekly Earnings: sa: Total Pay: Whole Economy 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.G083: Average Weekly Earnings: Seasonally Adjusted: SIC 2007 . [COVID-19-IMPACT]

In 2024, gross domestic product per capita in the United Kingdom was 40,172 British pounds, compared with 40,162 pounds in the previous year. In general, while GDP per capita has grown quite consistently throughout this period, there are noticeable declines, especially between 2007 and 2009, and between 2019 and 2020, due to the Global Financial Crisis, and COVID-19 pandemic, respectively. Why is GDP per capita stagnating when the economy is growing? During the last two years that GDP per capita fell and then stagnated in the UK, the overall economy grew by 0.4 percent in 2023 and 1.1 percent in 2024. While the overall UK economy is therefore larger than it was in 2022, the UK's population has grown at a faster rate, resulting in the lower GDP per capita figure. The long-term slump in the UK's productivity, as measured by output per hour worked, has meant that the gap between GDP growth and GDP per capita growth has been widening for some time. Economy remains the main concern of UK voters As of February 2025, the economy was seen as the main issue facing the UK, just ahead of immigration, health, and several other problems in the country. While Brexit was seen as the most important issue before COVID-19, and concerns about health were dominant throughout 2020 and 2021, the economy has generally been the primary facing voters issue since 2022. The surge in inflation throughout 2022 and 2023, and the impact this had on wages and living standards, resulted in a very tough period for UK households. As of January 2025, 57 percent of households were still noticing rising living costs, although this is down from a peak of 91 percent in August 2022.

The tourism balance over the gross domestic product in the United Kingdom stayed stable in 2021 over the previous year. Overall, the tourism balance (calculated as the difference between inbound and outbound spending) over GDP reached minus *** percent in 2021, rising from minus *** percent in 2019.

UK condensed standard industrial classification of economic activities (SIC) 2007 codes

List of the Office of National Statistics (ONS) codes for classifying economic activity of business establish...

https://www.ons.gov.uk/economy/environmentalaccounts/articles/ukairpollutionremovalhowmuchpollutiondoesvegetationremoveinyourarea/2018-07-30The methodology used to develop estimates for the valuation of air pollution in ecosystem accounts can be found here:https://www.ons.gov.uk/economy/environmentalaccounts/articles/developingestimatesforthevaluationofairpollutioninecosystemaccounts/2017-07-25

GDP: CL: 2008p: sa: HCE: Domestic: Clothing: Materials data was reported at 130.000 GBP mn in Mar 2012. This records an increase from the previous number of 80.000 GBP mn for Dec 2011. GDP: CL: 2008p: sa: HCE: Domestic: Clothing: Materials data is updated quarterly, averaging 97.000 GBP mn from Mar 1997 (Median) to Mar 2012, with 61 observations. The data reached an all-time high of 223.000 GBP mn in Mar 2006 and a record low of 49.000 GBP mn in Dec 2002. GDP: CL: 2008p: sa: HCE: Domestic: Clothing: Materials data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s UK – Table UK.A071: ESA 1995: GDP: Household Consumption Expenditure: Chain Linked: 2008 Prices: Seasonally Adjusted: SIC 2007.

United Kingdom Gross Domestic Product (GDP): 2008p data was reported at 1,437,909.000 GBP mn in 2011. This records an increase from the previous number of 1,427,087.000 GBP mn for 2010. United Kingdom Gross Domestic Product (GDP): 2008p data is updated yearly, averaging 670,101.500 GBP mn from Dec 1948 (Median) to 2011, with 64 observations. The data reached an all-time high of 1,474,141.000 GBP mn in 2007 and a record low of 276,413.000 GBP mn in 1948. United Kingdom Gross Domestic Product (GDP): 2008p data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s UK – Table UK.A054: ESA 1995: GDP: by Expenditure: Chain Linked: 2008 Prices: SIC 2007.

GDP: CL: 2008p: HCE: Domestic: Footwear: Shoes data was reported at 1,715.000 GBP mn in Mar 2012. This records a decrease from the previous number of 2,544.000 GBP mn for Dec 2011. GDP: CL: 2008p: HCE: Domestic: Footwear: Shoes data is updated quarterly, averaging 1,256.000 GBP mn from Mar 1997 (Median) to Mar 2012, with 61 observations. The data reached an all-time high of 2,544.000 GBP mn in Dec 2011 and a record low of 595.000 GBP mn in Mar 1997. GDP: CL: 2008p: HCE: Domestic: Footwear: Shoes 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.A070: ESA 1995: GDP: Household Consumption Expenditure: Chain Linked: 2008 Prices: SIC 2007.

GDP: sa: CL: 2008p: MP: GFCF: Public Corporations data was reported at 644.000 GBP mn in Mar 2012. This records a decrease from the previous number of 740.000 GBP mn for Dec 2011. GDP: sa: CL: 2008p: MP: GFCF: Public Corporations data is updated quarterly, averaging 658.000 GBP mn from Mar 1997 (Median) to Mar 2012, with 61 observations. The data reached an all-time high of 1,561.000 GBP mn in Jun 2005 and a record low of -206.000 GBP mn in Mar 2004. GDP: sa: CL: 2008p: MP: GFCF: Public Corporations 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.A059: ESA 1995: GDP: by Expenditure: Chain Linked: 2008 Prices: Seasonally Adjusted: SIC 2007. Rebased from 2008p to 2009p. Replacement Series ID: 329117901