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.

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.

The statistic shows GDP per capita in the United Kingdom from 1987 to 2020, with projections up until 2030. In 2020, GDP per capita in the United Kingdom was at around 40,230.55 US dollars. The same year, the total UK population amounted to about 67.26 million people. The United Kingdom is among the leading countries in a world GDP ranking.Falling unemployment in a time of recessionGDP is a useful indicator when it comes to measuring the state of a nation’s economy. GDP is the market value of all final goods and services produced within a country in a given period of time, usually a year. GDP per capita equals exactly the GDI (gross domestic income) per capita and is not a measure of an individual’s personal income.As can be seen clearly in the statistic, gross domestic product (GDP) per capita in the United Kingdom is beginning to increase, albeit not to pre-recession levels. The UK is beginning to see signs of an economic recovery, though as of yet it remains unclear what sort of recovery this is. Questions have been raised as to whether the growth being seen is the right sort of growth for a well balanced recovery across the necessary sectors. An interesting oddity occurred in the United Kingdom for nine months in 2012, which saw a decreasing unemployment occurring at the same time as dip in nationwide economic productivity. This seems like good - if not unusual - news, but could be indicative of people entering part-time employment. It could also suggest that labor productivity is falling, meaning that the UK would be less competitive as a nation. The figures continue to rise, however, with an increase in employment in the private sector. With the rate of inflation in the UK impacting everyone’s daily lives, it is becoming increasingly difficult for vulnerable groups to maintain a decent standard of living.

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.

Annual supply and use tables; including a breakdown of the 3 measure of GDP, comparison of current year versus previous years growth. Breakdown of the Blue Book 2016 methodological changes; impact of changes on each component of GDP.

Biennial data on the output, intermediate consumption and gross value added of home produced services.

The statistic shows the GDP of the United Kingdom between 1987 and 2024, with projections up until 2030, in US dollars.Private-sector-led economic recoveryGDP is counted among the primary indicators that are used to gauge the state of health of a national economy. GDP is the total value of all completed goods and services that have been produced within a country in a given period of time, usually a year. GDP figures allow us to gain a broader understanding of a country’s economy in a clear way. Real GDP, in a similar way, is also a rather useful indicator; this is a measurement that takes prices changes (inflation and deflation) into account, thereby acting as a key indicator for economic growth.The gross domestic product of the United Kingdom is beginning to show signs of recovery since seeing a sharp decline in the wake of the financial crisis. The decreasing unemployment rate in the United Kingdom is also indicating that the worst could be over for the country. However, some concerns have arisen about what forms of employment are being represented, how stable the jobs are, and whether or not they are simply being cited by officials in government as validation for reforms that are criticized by opponents as being ‘ideologically motivated’. Whatever the political motivation, the coalition government’s efforts to let the private sector lead the economic recovery through increasing employment in the UK in the private sector appear, for now at least, to be working.

United Kingdom UK: GDP: % of GDP: Gross Value Added: Industry data was reported at 18.574 % in 2017. This records an increase from the previous number of 17.985 % for 2016. United Kingdom UK: GDP: % of GDP: Gross Value Added: Industry data is updated yearly, averaging 20.001 % from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 27.892 % in 1990 and a record low of 17.830 % in 2014. United Kingdom UK: GDP: % of GDP: Gross Value Added: Industry 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: Share of GDP. Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average; Note: Data for OECD countries are based on ISIC, revision 4.

United Kingdom UK: GDP: Real: Net Income from Abroad data was reported at -24,216.015 GBP mn in 2015. This records a decrease from the previous number of -22,371.201 GBP mn for 2014. United Kingdom UK: GDP: Real: Net Income from Abroad data is updated yearly, averaging 13,853.045 GBP mn from Dec 1999 (Median) to 2015, with 17 observations. The data reached an all-time high of 36,765.086 GBP mn in 2005 and a record low of -24,216.015 GBP mn in 2015. United Kingdom UK: GDP: Real: Net Income 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. Net income includes the net labor income and net property and entrepreneurial income components of the SNA. Labor income covers compensation of employees paid to nonresident workers. Property and entrepreneurial income covers investment income from the ownership of foreign financial claims (interest, dividends, rent, etc.) and nonfinancial property income (patents, copyrights, etc.). Data are in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

This statistic shows the United Kingdom (UK)'s quarterly gross domestic product (GDP) per capita at current prices from the first quarter of 2014 to the second quarter of 2019. The largest growth was between the 4th quarter of 2014 and the 1st quarter of 2015.

Graph and download economic data for Stock Market Capitalization to GDP for United Kingdom (DDDM01GBA156NWDB) from 1975 to 2014 about market cap, stock market, capital, United Kingdom, and GDP.

United Kingdom GDP per Capita: sa: Scotland data was reported at 101.500 2014=100 in Mar 2018. This records an increase from the previous number of 101.407 2014=100 for Dec 2017. United Kingdom GDP per Capita: sa: Scotland data is updated quarterly, averaging 96.559 2014=100 from Mar 1998 (Median) to Mar 2018, with 81 observations. The data reached an all-time high of 101.500 2014=100 in Mar 2018 and a record low of 83.332 2014=100 in Sep 1998. United Kingdom GDP per Capita: sa: Scotland data remains active status in CEIC and is reported by The Scottish Government. The data is categorized under Global Database’s United Kingdom – Table UK.A029: ESA 2010: GDP: Scotland: Chained Volume Measures: 2014=100: Seasonally Adjusted. Rebased from 2014=100 to 2015=100 Replacement series ID: 406280517

United Kingdom UK: GDP: Gross Value Added at Factor Cost: Agriculture data was reported at 10,528.000 GBP mn in 2017. This records a decrease from the previous number of 10,545.000 GBP mn for 2016. United Kingdom UK: GDP: Gross Value Added at Factor Cost: Agriculture data is updated yearly, averaging 9,521.500 GBP mn from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 11,743.000 GBP mn in 2014 and a record low of 8,025.000 GBP mn in 2005. United Kingdom UK: GDP: Gross Value Added at Factor Cost: Agriculture 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. Agriculture corresponds to ISIC divisions 1-5 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4. Data are in current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ; Note: Data for OECD countries are based on ISIC, revision 4.

Presents the balance sheet, statement of operations and statement of other economic flows for the public sector, compliant with the Government Finance Statistics Manual 2014: GFSM 2014 presentation.

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.

Graph and download economic data for Real Gross Domestic Product for United Kingdom (DISCONTINUED) (CLVMNACSAB1GQUK) from Q1 1975 to Q4 2014 about United Kingdom, real, and GDP.

Experimental results of the pilot Office for National Statistics (ONS) online time-use study (collected 28 March to 26 April 2020 across Great Britain) compared with the 2014 to 2015 UK time-use study.