In 2024, the gross domestic product (GDP) of the United Kingdom grew by 0.9 percent and is expected to grow by just one percent in 2025 and by 1.9 percent in 2026. Growth is expected to slow down to 1.8 percent in 2027, and then grow by 1.7, and 1.8 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 9.4 percent contraction in 2020, with the economy recovering somewhat in 2021, when the economy grew by 7.6 percent. UK growth downgraded in 2025 Although the economy is still expected to grow in 2025, the one percent growth anticipated in this forecast has been halved from two 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 3.2 percent predicated, up from 2.6 percent in the last forecast. Unemployment is also anticipated to be higher than initially thought, with the annual unemployment rate likely to be 4.5 percent instead of 4.1 percent. Long-term growth problems In the last two quarters of 2023, the UK economy shrank by 0.1 percent in Q3 and by 0.3 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.

Government spending in the United Kingdom was approximately 44.7 percent of GDP in 2024/25, compared with 39.6 percent in 2019/20.

The government of the United Kingdom borrowed approximately 2.6 percent worth of its GDP in the 2024/25 financial year, compared with 2.3 percent in 2023/24. In 2020/21, government borrowing reached 11.6 percent of GDP, due to increased financial support to public services during the COVID-19 pandemic, combined with reduced revenue because of societal lockdowns.

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.

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;

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.

This collection contains an array of economic time series data pertaining to the United States, the United Kingdom, Germany, and France, primarily between the 1920s and the 1960s, and including some time series from the 18th and 19th centuries. These data were collected by the National Bureau of Economic Research (NBER), and they constitute a research resource of importance to economists as well as to political scientists, sociologists, and historians. Under a grant from the National Science Foundation, ICPSR and the National Bureau of Economic Research converted this collection (which existed heretofore only on handwritten sheets stored in New York) into fully accessible, readily usable, and completely documented machine-readable form. The NBER collection -- containing an estimated 1.6 million entries -- is divided into 16 major categories: (1) construction, (2) prices, (3) security markets, (4) foreign trade, (5) income and employment, (6) financial status of business, (7) volume of transactions, (8) government finance, (9) distribution of commodities, (10) savings and investments, (11) transportation and public utilities, (12) stocks of commodities, (13) interest rates, and (14) indices of leading, coincident, and lagging indicators, (15) money and banking, and (16) production of commodities. Data from all categories are available in Parts 1-22. The economic variables are usually observations on the entire nation or large subsets of the nation. Frequently, however, and especially in the United States, separate regional and metropolitan data are included in other variables. This makes cross-sectional analysis possible in many cases. The time span of variables in these files may be as short as one year or as long as 160 years. Most data pertain to the first half of the 20th century. Many series, however, extend into the 19th century, and a few reach into the 18th. The oldest series, covering brick production in England and Wales, begins in 1785, and the most recent United States data extend to 1968. The unit of analysis is an interval of time -- a year, a quarter, or a month. The bulk of observations are monthly, and most series of monthly data contain annual values or totals.

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.; ;

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 Gross Domestic Product (GDP) in the United Kingdom expanded 0.10 percent in the third 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 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 UK economy shrank by 0.1 percent in September 2025 after reporting zero growth in the previous month. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now slightly 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 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.

United Kingdom UK: GDP: PPP data was reported at 2,856,703.440 Intl $ mn in 2017. This records an increase from the previous number of 2,798,058.629 Intl $ mn for 2016. United Kingdom UK: GDP: PPP data is updated yearly, averaging 1,847,822.483 Intl $ mn from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 2,856,703.440 Intl $ mn in 2017 and a record low of 969,455.384 Intl $ mn in 1990. United Kingdom UK: GDP: PPP 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: Purchasing Power Parity. PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP 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 international dollars. For most economies PPP figures are extrapolated from the 2011 International Comparison Program (ICP) benchmark estimates or imputed using a statistical model based on the 2011 ICP. For 47 high- and upper middle-income economies conversion factors are provided by Eurostat and the Organisation for Economic Co-operation and Development (OECD).; ; World Bank, International Comparison Program database.; Gap-filled total;

Graph and download economic data for Gross Domestic Product for United Kingdom (UKNGDP) from Q1 1955 to Q2 2025 about United Kingdom and GDP.

United Kingdom Balance of Payments: Current Account data was reported at -14,015.000 GBP mn in Dec 2024. This records an increase from the previous number of -18,373.000 GBP mn for Sep 2024. United Kingdom Balance of Payments: Current Account data is updated quarterly, averaging -805.500 GBP mn from Mar 1955 (Median) to Dec 2024, with 280 observations. The data reached an all-time high of 12,965.000 GBP mn in Dec 2022 and a record low of -41,940.000 GBP mn in Mar 2022. United Kingdom Balance of Payments: Current Account 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.JB001: BPM6: Balance of Payments.

Graph and download economic data for Purchasing Power Parity Converted GDP Per Capita Relative to the United States, G-K method, at current prices for United Kingdom (PGDPUSGBA621NUPN) from 1950 to 2010 about PPP, United Kingdom, per capita, and GDP.

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.

Annual estimates of balanced UK regional gross value added (GVA(B)). Current price estimates, chained volume measures and implied deflators for UK countries, ITL1, ITL2 and ITL3 regions, with a detailed industry breakdown.

United Kingdom UK: GDP: Net Current Transfer from Abroad data was reported at -24,349.000 GBP mn in 2016. This records an increase from the previous number of -24,699.000 GBP mn for 2015. United Kingdom UK: GDP: Net Current Transfer from Abroad data is updated yearly, averaging -4,642.299 GBP mn from Dec 1970 (Median) to 2016, with 36 observations. The data reached an all-time high of 522.682 GBP mn in 1986 and a record low of -26,863.000 GBP mn in 2013. United Kingdom UK: GDP: 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 UK – Table UK.World Bank: Gross Domestic Product: Nominal. 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 current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Weighted estimates from the voluntary fortnightly Business Insights and Conditions Survey (BICS) about financial performance, workforce, prices, trade, and business resilience. These are official statistics in development.