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'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.

Data underlying comparisons of UK productivity against that of the remaining G7 countries.

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.  

Additional information for UK trade in goods by classification of product by activity.

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.

United Kingdom UK: GDP: Volume: Chain-Linked: Reference Year 2008: Seasonally Adjusted data was reported at 1,409.010 GBP bn in 2011. This records an increase from the previous number of 1,399.850 GBP bn for 2010. United Kingdom UK: GDP: Volume: Chain-Linked: Reference Year 2008: Seasonally Adjusted data is updated yearly, averaging 1,299.380 GBP bn from Dec 1995 (Median) to 2011, with 17 observations. The data reached an all-time high of 1,449.860 GBP bn in 2007 and a record low of 990.751 GBP bn in 1995. United Kingdom UK: GDP: Volume: Chain-Linked: Reference Year 2008: Seasonally Adjusted 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: Gross Domestic Product: by Expenditure: Seasonally Adjusted: Annual.

United Kingdom UK: GDP: External Balance of Goods and Services data was reported at -28,620.000 GBP mn in 2017. This records an increase from the previous number of -40,677.000 GBP mn for 2016. United Kingdom UK: GDP: External Balance of Goods and Services data is updated yearly, averaging -2,111.808 GBP mn from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 7,443.814 GBP mn in 1981 and a record low of -45,053.000 GBP mn in 2008. United Kingdom UK: GDP: External Balance of Goods and Services data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Gross Domestic Product: Nominal. External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services). Data are in current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Annual estimates of financial assets and liabilities by instrument and institutional sector, 1958 to 2006, from Sbano (2008).

United Kingdom UK: GDP: sa: Changes in Inventories data was reported at 2,056.000 GBP mn in Jun 2018. This records an increase from the previous number of -2,917.000 GBP mn for Mar 2018. United Kingdom UK: GDP: sa: Changes in Inventories data is updated quarterly, averaging 1,072.500 GBP mn from Mar 1995 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 6,966.000 GBP mn in Dec 2013 and a record low of -7,818.000 GBP mn in Dec 2008. United Kingdom UK: GDP: sa: Changes in Inventories 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: Gross Domestic Product: by Expenditure: Seasonally Adjusted: Quarterly.

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.

United Kingdom UK: Market Capitalization: Listed Domestic Companies: % of GDP data was reported at 64.629 % in 2008. This records a decrease from the previous number of 125.114 % for 2007. United Kingdom UK: Market Capitalization: Listed Domestic Companies: % of GDP data is updated yearly, averaging 87.239 % from Dec 1975 (Median) to 2008, with 34 observations. The data reached an all-time high of 177.400 % in 1999 and a record low of 6.368 % in 1980. United Kingdom UK: Market Capitalization: Listed Domestic Companies: % of GDP 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: Financial Sector. Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Data are end of year values.; ; World Federation of Exchanges database.; Weighted average; Stock market data were previously sourced from Standard & Poor's until they discontinued their 'Global Stock Markets Factbook' and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

Experimental dataset providing a breakdown of UK trade in goods by industry, country and commodity on a balance of payments basis. Data are subject to disclosure control.

United Kingdom UK: GDP: Real: Net Current Transfer from Abroad data was reported at -16,012.095 GBP mn in 2013. This records a decrease from the previous number of -5,375.578 GBP mn for 2012. United Kingdom UK: GDP: Real: Net Current Transfer from Abroad data is updated yearly, averaging 0.000 GBP mn from Dec 1960 (Median) to 2013, with 54 observations. The data reached an all-time high of 28,210.320 GBP mn in 2008 and a record low of -16,012.095 GBP mn in 2013. United Kingdom UK: GDP: Real: Net Current Transfer from Abroad 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: Real. Current transfers comprise transfers of income between residents of the reporting country and the rest of the world that carry no provisions for repayment. Net current transfers from abroad is equal to the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents. Data are in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Annual data on business turnover, approximate gross value added (aGVA), purchases and employment costs, from the Annual Business Survey. Two-digit Standard Industrial Classification 2007 group by region or country.

Size and growth within UK non-financial business sectors, as measured by the Annual Business Survey, by four-digit Standard Industrial Classification 2007.

The Annual Business Survey (ABS) is an annual survey of businesses covering the production, construction, distribution and service industries, which represents about two-thirds of the UK economy in terms of Gross Value Added (GVA).

Every year, ABS questionnaires are sent by the Office for National Statistics (ONS) to around 62,000 businesses in Great Britain, and by the Department for Finance and Personnel Northern Ireland (DFPNI) to around 9,000 businesses in Northern Ireland. Data for Northern Ireland are not available from the UK Data Archive.

The ABS is the largest business survey conducted by the ONS in terms of the combined number of respondents and variables it covers (62,000 questionnaires despatched in Great Britain, with around 600 different questions asked). It is the key resource for understanding the detailed structure and performance of businesses across the UK, and is a large contributor of business information to the UK National Accounts.

ABS provides a number of high-level indicators of economic activity such as the total value of sales and work completed by businesses, the value of purchases of goods, materials and services, stocks, capital expenditure, and total employment costs.

The contribution of different industries to the overall value of economic activity can be assessed and, although estimates of employment from each company are not now collected at the same time, by combining ABS with employment information from the Business Register and Employment Survey (BRES) it is also possible to get a measure of value added and costs per head to allow better comparison between industrial sectors of different sizes. The indicators in the ABS publications are collected and presented as monetary values or counts, for example, approximate Gross Value Added (aGVA), numbers of enterprises. They are essentially a snapshot of UK business activity, and can be used to understand the level of the contributions to the UK economy from different sectors of the economy at any one time.

The ABS replaced the Annual Business Inquiry, Part 2 (ABI/2) in 2009, although ABS data are available for 2008. The BRES replaced the Annual Business Inquiry, Part 1 (ABI/1) in 2009. The BRES data for 2009 onwards are held separately under UK Data Archive SN 7463. ABI/1 and ABI/2 data for 2008 and earlier are held under UK Data Archive SN 6644, Annual Respondents Database: Secure Access (ARD). Researchers who are applying for access to the ABS and who also require data prior to 2008 are recommended to also apply for the ARD data under SN 6644.

Linking to other business studies
These data contain Inter-Departmental Business Register reference numbers. These are anonymous but unique reference numbers assigned to business organisations. Their inclusion allows researchers to combine different business survey sources together. Researchers may consider applying for other business data to assist their research.

For Secure Lab projects applying for access to this study as well as to SN 6697 Business Structure Database and/or SN 7683 Business Structure Database Longitudinal, only postcode-free versions of the data will be made available.

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United Kingdom UK: GDP: USD: Gross National Income per Capita: Atlas Method data was reported at 40,530.000 USD in 2017. This records a decrease from the previous number of 42,370.000 USD for 2016. United Kingdom UK: GDP: USD: Gross National Income per Capita: Atlas Method data is updated yearly, averaging 21,055.000 USD from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 48,420.000 USD in 2008 and a record low of 2,440.000 USD in 1970. United Kingdom UK: GDP: USD: Gross National Income per Capita: Atlas Method data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Gross Domestic Product: Nominal. GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S. dollars using the World Bank Atlas method, divided by the midyear population. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average;

United Kingdom Total Economy: Liabilities: Flow: Total data was reported at 52,344.000 GBP mn in Jun 2018. This records a decrease from the previous number of 189,056.000 GBP mn for Mar 2018. United Kingdom Total Economy: Liabilities: Flow: Total data is updated quarterly, averaging 118,647.000 GBP mn from Mar 1987 (Median) to Jun 2018, with 126 observations. The data reached an all-time high of 835,524.000 GBP mn in Mar 2007 and a record low of -304,022.000 GBP mn in Jun 2008. United Kingdom Total Economy: Liabilities: Flow: Total 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.AB001: ESA10: Funds by Sector: Total Economy: Flow.

United Kingdom GDP: CL: 2008p: sa: HCE: Domestic: Misc: Financial Services (FS) data was reported at 8,747.000 GBP mn in Mar 2012. This records a decrease from the previous number of 9,471.000 GBP mn for Dec 2011. United Kingdom GDP: CL: 2008p: sa: HCE: Domestic: Misc: Financial Services (FS) data is updated quarterly, averaging 9,318.000 GBP mn from Mar 1997 (Median) to Mar 2012, with 61 observations. The data reached an all-time high of 11,325.000 GBP mn in Mar 2008 and a record low of 4,294.000 GBP mn in Mar 1997. United Kingdom GDP: CL: 2008p: sa: HCE: Domestic: Misc: Financial Services (FS) 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.