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

<ul style='margin-top:20px;'>

<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.

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 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.

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

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

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.

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.

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.

Estimates of UK financial claims by instrument, for 1900, 1910, 1920, 1927, 1937 and 1948 from Revell (1967).

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.

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 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.

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.

It is presumed that the first humans migrated from Siberia to North America approximately twelve thousand years ago, where they then moved southwards to warmer lands. It was not until many centuries later that humans returned to the north and began to settle regions that are now part of Canada. Despite a few short-lived Viking settlements on Newfoundland around the turn of the first millennium CE, the Italian explorer Giovanni Caboto (John Cabot), became the first European to explore the coast of North America in the late 1400s. The French and British crowns both made claims to areas of Canada throughout the sixteenth century, but real colonization and settlement did not begin until the early seventeenth century. Over the next 150 years, France and Britain competed to take control of the booming fur and fishing trade, and to expand their overseas empires. In the Seven Year's War, Britain eventually defeated the French colonists in North America, through superior numbers and a stronger agriculture resources in the southern colonies, and the outcome of the war saw France cede practically all of it's colonies in North America to the British.

Increased migration and declining native populations

The early 1800s saw a large influx of migrants into Canada, with the Irish Potato Famine bringing the first wave of mass-migration to the country, with further migration coming from Scandinavia and Northern Europe. It is estimated that the region received just shy of one million migrants from the British Isles alone, between 1815 and 1850, which helped the population grow to 2.5 million in the mid-1800s and 5.5 million in 1900. It is also estimated that infectious diseases killed around 25 to 33 percent of all Europeans who migrated to Canada before 1891, and around a third of the Canadian population is estimated to have emigrated southwards to the United States in the 1871-1896 period. From the time of European colonization until the mid-nineteenth century, the native population of Canada dropped from roughly 500,000 (some estimates put it as high as two million) to just over 100,000; this was due to a mixture of disease, starvation and warfare, instigated by European migration to the region. The native population was generally segregated and oppressed until the second half of the 1900s; Native Canadians were given the vote in 1960, and, despite their complicated and difficult history, the Canadian government has made significant progress in trying to include indigenous cultures in the country's national identity in recent years. As of 2020, Indigenous Canadians make up more than five percent of the total Canadian population, and a higher birth rate means that this share of the population is expected to grow in the coming decades.

Independence and modern Canada

Canadian independence was finally acknowledged in 1931 by the Statute of Westminster, putting it on equal terms with the United Kingdom within the Commonwealth; virtually granting independence and sovereignty until the Canada Act of 1982 formalized it. Over the past century, Canada has had a relatively stable political system and economy (although it was hit particularly badly by the Wall Street Crash of 1929). Canada entered the First World War with Britain, and as an independent Allied Power in the Second World War; Canadian forces played pivotal roles in a number of campaigns, notably Canada's Hundred Days in WWI, and the country lost more than 100,000 men across both conflicts. The economy boomed in the aftermath of the Second World War, and a stream of socially democratic programs such as universal health care and the Canadian pension plan were introduced, which contributed to a rise in the standard of living. The post war period also saw various territories deciding to join Canada, with Newfoundland joining in 1949, and Nunavut in 1999. Today Canada is among the most highly ranked in countries in terms of civil liberties, quality of life and economic growth. It promotes and welcomes immigrants from all over the world and, as a result, it has one of the most ethnically diverse and multicultural populations of any country in the world. As of 2020, Canada's population stands at around 38 million people, and continues to grow due to high migration levels and life expectancy, and a steady birth rate.

During the eighteenth century, it is estimated that France's population grew by roughly fifty percent, from 19.7 million in 1700, to 29 million by 1800. In France itself, the 1700s are remembered for the end of King Louis XIV's reign in 1715, the Age of Enlightenment, and the French Revolution. During this century, the scientific and ideological advances made in France and across Europe challenged the leadership structures of the time, and questioned the relationship between monarchial, religious and political institutions and their subjects. France was arguably the most powerful nation in the world in these early years, with the second largest population in Europe (after Russia); however, this century was defined by a number of costly, large-scale conflicts across Europe and in the new North American theater, which saw the loss of most overseas territories (particularly in North America) and almost bankrupted the French crown. A combination of regressive taxation, food shortages and enlightenment ideologies ultimately culminated in the French Revolution in 1789, which brought an end to the Ancien Régime, and set in motion a period of self-actualization.

War and peace

After a volatile and tumultuous decade, in which tens of thousands were executed by the state (most infamously: guillotined), relative stability was restored within France as Napoleon Bonaparte seized power in 1799, and the policies of the revolution became enforced. Beyond France's borders, the country was involved in a series of large scale wars for two almost decades, and the First French Empire eventually covered half of Europe by 1812. In 1815, Napoleon was defeated outright, the empire was dissolved, and the monarchy was restored to France; nonetheless, a large number of revolutionary and Napoleonic reforms remained in effect afterwards, and the ideas had a long-term impact across the globe. France experienced a century of comparative peace in the aftermath of the Napoleonic Wars; there were some notable uprisings and conflicts, and the monarchy was abolished yet again, but nothing on the scale of what had preceded or what was to follow. A new overseas colonial empire was also established in the late 1800s, particularly across Africa and Southeast Asia. Through most of the eighteenth and nineteenth century, France had the second largest population in Europe (after Russia), however political instability and the economic prioritization of Paris meant that the entire country did not urbanize or industrialize at the same rate as the other European powers. Because of this, Germany and Britain entered the twentieth century with larger populations, and other regions, such as Austria or Belgium, had overtaken France in terms of industrialization; the German annexation of Alsace-Lorraine in the Franco-Prussian War was also a major contributor to this.

World Wars and contemporary France

Coming into the 1900s, France had a population of approximately forty million people (officially 38 million* due to to territorial changes), and there was relatively little growth in the first half of the century. France was comparatively unprepared for a large scale war, however it became one of the most active theaters of the First World War when Germany invaded via Belgium in 1914, with the ability to mobilize over eight million men. By the war's end in 1918, France had lost almost 1.4 million in the conflict, and approximately 300,000 in the Spanish Flu pandemic that followed. Germany invaded France again during the Second World War, and occupied the country from 1940, until the Allied counter-invasion liberated the country during the summer of 1944. France lost around 600,000 people in the course of the war, over half of which were civilians. Following the war's end, the country experienced a baby boom, and the population grew by approximately twenty million people in the next fifty years (compared to just one million in the previous fifty years). Since the 1950s, France's economy quickly grew to be one of the strongest in the world, despite losing the vast majority of its overseas colonial empire by the 1970s. A wave of migration, especially from these former colonies, has greatly contributed to the growth and diversity of France's population today, which stands at over 65 million people in 2020.

In 1800, the region of Germany was not a single, unified nation, but a collection of decentralized, independent states, bound together as part of the Holy Roman Empire. This empire was dissolved, however, in 1806, during the Revolutionary and Napoleonic eras in Europe, and the German Confederation was established in 1815. Napoleonic reforms led to the abolition of serfdom, extension of voting rights to property-owners, and an overall increase in living standards. The population grew throughout the remainder of the century, as improvements in sanitation and medicine (namely, mandatory vaccination policies) saw child mortality rates fall in later decades. As Germany industrialized and the economy grew, so too did the argument for nationhood; calls for pan-Germanism (the unification of all German-speaking lands) grew more popular among the lower classes in the mid-1800s, especially following the revolutions of 1948-49. In contrast, industrialization and poor harvests also saw high unemployment in rural regions, which led to waves of mass migration, particularly to the U.S.. In 1886, the Austro-Prussian War united northern Germany under a new Confederation, while the remaining German states (excluding Austria and Switzerland) joined following the Franco-Prussian War in 1871; this established the German Empire, under the Prussian leadership of Emperor Wilhelm I and Chancellor Otto von Bismarck. 1871 to 1945 - Unification to the Second World War The first decades of unification saw Germany rise to become one of Europe's strongest and most advanced nations, and challenge other world powers on an international scale, establishing colonies in Africa and the Pacific. These endeavors were cut short, however, when the Austro-Hungarian heir apparent was assassinated in Sarajevo; Germany promised a "blank check" of support for Austria's retaliation, who subsequently declared war on Serbia and set the First World War in motion. Viewed as the strongest of the Central Powers, Germany mobilized over 11 million men throughout the war, and its army fought in all theaters. As the war progressed, both the military and civilian populations grew increasingly weakened due to malnutrition, as Germany's resources became stretched. By the war's end in 1918, Germany suffered over 2 million civilian and military deaths due to conflict, and several hundred thousand more during the accompanying influenza pandemic. Mass displacement and the restructuring of Europe's borders through the Treaty of Versailles saw the population drop by several million more.

Reparations and economic mismanagement also financially crippled Germany and led to bitter indignation among many Germans in the interwar period; something that was exploited by Adolf Hitler on his rise to power. Reckless printing of money caused hyperinflation in 1923, when the currency became so worthless that basic items were priced at trillions of Marks; the introduction of the Rentenmark then stabilized the economy before the Great Depression of 1929 sent it back into dramatic decline. When Hitler became Chancellor of Germany in 1933, the Nazi government disregarded the Treaty of Versailles' restrictions and Germany rose once more to become an emerging superpower. Hitler's desire for territorial expansion into eastern Europe and the creation of an ethnically-homogenous German empire then led to the invasion of Poland in 1939, which is considered the beginning of the Second World War in Europe. Again, almost every aspect of German life contributed to the war effort, and more than 13 million men were mobilized. After six years of war, and over seven million German deaths, the Axis powers were defeated and Germany was divided into four zones administered by France, the Soviet Union, the UK, and the U.S.. Mass displacement, shifting borders, and the relocation of peoples based on ethnicity also greatly affected the population during this time. 1945 to 2020 - Partition and Reunification In the late 1940s, cold war tensions led to two distinct states emerging in Germany; the Soviet-controlled east became the communist German Democratic Republic (DDR), and the three western zones merged to form the democratic Federal Republic of Germany. Additionally, Berlin was split in a similar fashion, although its location deep inside DDR territory created series of problems and opportunities for the those on either side. Life quickly changed depending on which side of the border one lived. Within a decade, rapid economic recovery saw West Germany become western Europe's strongest economy and a key international player. In the east, living standards were much lower, although unemployment was almost non-existent; internationally, East Germany was the strongest economy in the Eastern Bloc (after the USSR), though it eventually fell behind the West by the 1970s. The restriction of movement between the two states also led to labor shortages in t...