U.K. GDP for 2023 was 3.381 trillion US dollars, a 8.57% increase from 2022.

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<li>U.K. GDP for 2022 was <strong>3.114 trillion US dollars</strong>, a <strong>0.93% decline</strong> from 2021.</li>
<li>U.K. GDP for 2021 was <strong>3.143 trillion US dollars</strong>, a <strong>16.56% increase</strong> from 2020.</li>
<li>U.K. GDP for 2020 was <strong>2.697 trillion US dollars</strong>, a <strong>5.42% decline</strong> from 2019.</li>
</ul>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.

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.

Historical chart and dataset showing U.K. gdp growth rate by year from 1961 to 2023.

Public sector net debt amounted to 95.8 percent of gross domestic product in the United Kingdom during the 2024/25 financial year, or 90 percent when the Bank of England is excluded. UK government debt is at its highest levels since the early 1960s, due to a significant increase in borrowing during the COVID-19 pandemic. After peaking at 251.7 percent shortly after the end of the Second World War, government debt in the UK gradually fell, before a sharp increase in the late 2000s at the time of the global financial crisis. Debt not expected to start falling until 2029/30 In 2024/25, the UK's government expenditure was approximately 1.28 trillion pounds, around 44.7 percent of GDP. This spending was financed by 1.13 trillion pounds of revenue raised, and 151 billion pounds of borrowing. Although the UK government can still borrow money in the future to finance its spending, the amount spent on debt interest has increased significantly recently. Recent forecasts suggest that while the debt is eventually expected to start declining, this is based on falling government deficits in the next five years. Government facing hard choices Hitting fiscal targets, such as reducing the national debt, will require a careful balancing of the books from the current government, and the possibility for either spending cuts or tax rises. Although Labour ruled out raising the main government tax sources, Income Tax, National Insurance, and VAT, at the 2024 election, they did raise National Insurance for employers (rather than employees) and also cut Winter Fuel allowances for large numbers of pensioners. Less than a year after implementing cuts to Winter Fuel, the government performed a U-Turn on the issue, and will make it widely available by the winter of 2025.

Government spending in the United Kingdom was last recorded at 44.4 percent of GDP in 2024 . This dataset provides the latest reported value for - United Kingdom Government Spending to GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

Graph and download economic data for Current Account in the United Kingdom (CALUKA) from 1772 to 2016 about current account, academic data, BOP, and United Kingdom.

In 2024/25 the government of the United Kingdom's income was estimated to equate to approximately 39.4 percent of GDP, compared with 40 percent in the previous financial year.

Graph and download economic data for Trade Deficit in the United Kingdom (TDFUKA) from 1816 to 2016 about budget, academic data, United Kingdom, and trade.

At the turn of the 20th century, industrialization in Western Europe and North America saw new countries emerge (or return) as major economic powers. Germany (established in 1871) and the United States were the two countries that began to challenge the established powers such as Britain and the Netherlands on an industrial scale, while France's invigorated banking system compensated for its slow rate of industrialization. This period also saw Scandinavian countries catch up with modernization rates observed in other Western European countries; the wealth of natural resources, increased industrial output, and strong shipping networks combined to allow GDP per capita to grow at rates similar to the United States and France and Germany.

Between 1970 and 1913, GDP per capita in the three emerging regions roughly doubled, outpacing growth in countries considered economic and industrial "leaders" for most of the 1800s. While Britain had been the leading global superpower for most of the 19th century and still maintained healthy economic growth in the given period, the rise of Germany and the U.S. at this time would (and, later, the Soviet Union) go on to shape global economic development over the subsequent decades.

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

Graph and download economic data for Public Sector Total Receipts in the United Kingdom (PSTRRUKA) from 1900 to 2016 about public, receipts, academic data, sector, and United Kingdom.

In the build up to the Second World War, the United States was the major power with the highest gross domestic product (GDP) per capita in the world. In 1938, the United States also had the highest overall GDP in the world, and by a significant margin, however differences in GDP per person were much smaller. Switzerland In terms of countries that played a notable economic role in the war, the neutral country of Switzerland had the highest GDP per capita in the world. A large part of this was due to the strength of Switzerland's financial system. Most major currencies abandoned the gold standard early in the Great Depression, however the Swiss Franc remained tied to it until late 1936. This meant that it was the most stable, freely convertible currency available as the world recovered from the Depression, and other major powers of the time sold large amounts of gold to Swiss banks in order to trade internationally. Switzerland was eventually surrounded on all sides by Axis territories and lived under the constant threat of invasion in the war's early years, however Swiss strategic military planning and economic leverage made an invasion potentially more expensive than it was worth. Switzerland maintained its neutrality throughout the war, trading with both sides, although its financial involvement in the Holocaust remains a point of controversy. Why look at GDP per capita? While overall GDP is a stronger indicator of a state's ability to fund its war effort, GDP per capita is more useful in giving context to a country's economic power in relation to its size and providing an insight into living standards and wealth distribution across societies. For example, Germany and the USSR had fairly similar GDPs in 1938, whereas Germany's per capita GDP was more than double that of the Soviet Union. Germany was much more industrialized and technologically advanced than the USSR, and its citizens generally had a greater quality of life. However these factors did not guarantee victory - the fact that the Soviet Union could better withstand the war of attrition and call upon its larger population to replenish its forces greatly contributed to its eventual victory over Germany in 1945.

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

Between 1688 and 1968, Britain was arguably involved in more wars than any other nation or empire on the planet. During this 280 year period, the British government's investment into it's military strength increased greatly, and this level of investment allowed Britain to become the most powerful nation in the world for the majority of this period. Inflation rates and fluctuation of the pound Sterling's value make it difficult to compare military spending over extended periods of time, however, if we look at when the largest increases occur over short periods of time, then we can see a correlation between Britain's involvement in major wars and also times of great empirical expansion. Rule Britannia Before the twentieth century, Britain was able to become the world's hegemonic power (or the closest thing to it) because of it's military and naval might. In the past, some historians argued that Britain rose to this status accidentally, however it was their investment in military and naval capabilities that allowed them to colonize other civilizations, protect trade routes, and eliminate competition or threats. For example, Britain lost one of it's largest sources of income when the US gained independence in the late 1700s, therefore the government invested five times more money into it's navy than into the army (in 1785), in order to protect it's other colonies and trade routes, and to expand into other parts of the world. In the nineteenth century, the largest influx of cash into the military came in 1815, the same year that Britain and it's allies finally defeated Napoleon. The end of the Napoleonic Wars marked the beginning of the 'Pax Britannica', (1815-1914) which was a century of relative peace between the major European powers, and further expansion of the British Empire. Twentieth Century There was a large increase in military expenditure at the turn of the twentieth century, as the British Empire pushed further into new territories, particularly in Africa (in what is now known as the 'Scramble for Africa'). However, the largest increases came directly after both World Wars. It is also important to note that new budgets were introduced for the Air Force in the First World War, and then for Central Defense following the Second World War. Unfortunately there is no correlating data for the years during the World Wars, as the country was in a state of national emergency during these times, and parliament's system for budget allocation was different than in traditional years. Following the Second World War, Britain's investment in all military branches has increased exponentially, and today, Britain has the seventh highest military budget in the world.

In September 2023, the national debt of the United States had risen up to 33.17 trillion U.S. dollars. The national debt per capita had risen to 85,552 U.S. dollars in 2021. As represented by the statistic above, the public debt of the United States has been continuously rising.

U.S. public debt Public debt, also known as national and governmental debt, is the debt owed by a nations’ central government. In the case of the U.S., national debt is owed by the federal government to Treasury security holders. Generally speaking, government debt increases with government spending, and can be decreased through taxes. During the COVID-19 pandemic, the U.S. government increased spending significantly to finance virus infrastructure, aid, and various forms of economic relief.

International public debt

Venezuela leads the global ranking of the 20 countries with the highest public debt in 2021. In relation to the Gross Domestic Product (GDP), Venezuela's public debt amounted to around 306.95 percent of GDP. Eritrea was ranked fifth, with an estimated debt of 170 percent of the Gross Domestic Product.

The national debt of the United Kingdom is forecasted to grow from 87 percent in 2022 to 70 percent in 2027, in relation to the Gross Domestic Product. These figures include England, Wales, Scotland as well as Northern Ireland.

Greece had the highest national debt among EU countries as of the 4th quarter of 2020 in relation to the Gross Domestic Product. Germany ranked 13th in the EU, with its national debt amounting to 69 percent of GDP in the same time period.

Tuvalu was one of the 20 countries with the lowest national debt in 2021 in relation to the GDP, while Macao had an estimated level of national debt of zero percent, the lowest of any country. The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance.

In the past four centuries, the population of the United States has grown from a recorded 350 people around the Jamestown colony of Virginia in 1610, to an estimated 331 million people in 2020. The pre-colonization populations of the indigenous peoples of the Americas have proven difficult for historians to estimate, as their numbers decreased rapidly following the introduction of European diseases (namely smallpox, plague and influenza). Native Americans were also omitted from most censuses conducted before the twentieth century, therefore the actual population of what we now know as the United States would have been much higher than the official census data from before 1800, but it is unclear by how much. Population growth in the colonies throughout the eighteenth century has primarily been attributed to migration from the British Isles and the Transatlantic slave trade; however it is also difficult to assert the ethnic-makeup of the population in these years as accurate migration records were not kept until after the 1820s, at which point the importation of slaves had also been illegalized. Nineteenth century In the year 1800, it is estimated that the population across the present-day United States was around six million people, with the population in the 16 admitted states numbering at 5.3 million. Migration to the United States began to happen on a large scale in the mid-nineteenth century, with the first major waves coming from Ireland, Britain and Germany. In some aspects, this wave of mass migration balanced out the demographic impacts of the American Civil War, which was the deadliest war in U.S. history with approximately 620 thousand fatalities between 1861 and 1865. The civil war also resulted in the emancipation of around four million slaves across the south; many of whose ancestors would take part in the Great Northern Migration in the early 1900s, which saw around six million black Americans migrate away from the south in one of the largest demographic shifts in U.S. history. By the end of the nineteenth century, improvements in transport technology and increasing economic opportunities saw migration to the United States increase further, particularly from southern and Eastern Europe, and in the first decade of the 1900s the number of migrants to the U.S. exceeded one million people in some years. Twentieth and twenty-first century The U.S. population has grown steadily throughout the past 120 years, reaching one hundred million in the 1910s, two hundred million in the 1960s, and three hundred million in 2007. In the past century, the U.S. established itself as a global superpower, with the world's largest economy (by nominal GDP) and most powerful military. Involvement in foreign wars has resulted in over 620,000 further U.S. fatalities since the Civil War, and migration fell drastically during the World Wars and Great Depression; however the population continuously grew in these years as the total fertility rate remained above two births per woman, and life expectancy increased (except during the Spanish Flu pandemic of 1918).

Since the Second World War, Latin America has replaced Europe as the most common point of origin for migrants, with Hispanic populations growing rapidly across the south and border states. Because of this, the proportion of non-Hispanic whites, which has been the most dominant ethnicity in the U.S. since records began, has dropped more rapidly in recent decades. Ethnic minorities also have a much higher birth rate than non-Hispanic whites, further contributing to this decline, and the share of non-Hispanic whites is expected to fall below fifty percent of the U.S. population by the mid-2000s. In 2020, the United States has the third-largest population in the world (after China and India), and the population is expected to reach four hundred million in the 2050s.

The statistic depicts the median age of the population in the United Kingdom from 1950 to 2100*. The median age of a population is an index that divides the population into two equal groups: half of the population is older than the median age and the other half younger. In 2020, the median age of United Kingdom's population was 39.2 years. Population of the United Kingdom The United Kingdom (UK) includes Great Britain (England, Scotland and Wales) and Northern Ireland, and is a state located off the coast of continental Europe. The United Kingdom is a constitutional monarchy, which means the Queen acts as representative head of state, while laws and constitutional issues are discussed and passed by a parliament. The total UK population figures have been steadily increasing, albeit only slightly, over the last decade; in 2011, the population growth rate was lower than in the previous year for the first time in eight years. Like many other countries, the UK and its economy were severely affected by the economic crisis in 2009. Since then, the unemployment rate has doubled and is only recovering slowly. UK inhabitants tend to move to the cities to find work and better living conditions; urbanization in the United Kingdom has been on the rise. At the same time, population density in the United Kingdom has been increasing due to several factors, for example, the rising number of inhabitants and their life expectancy at birth, an increasing fertility rate, and a very low number of emigrants. In fact, the United Kingdom is now among the 20 countries with the highest life expectancy at birth worldwide. As can be seen above, the median age of UK residents has also been increasing significantly since the seventies; another indicator for a well-working economy and society.