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

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.70 percent in the first 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.

In 2025, the UK economy is expected to grow by just one percent, according to the economic and fiscal outlook from March 2025. GDP growth has been downgraded from two percent when compared with the previous forecast from October 2024. The inflation rate is expected to average out at 3.2 percent, and the unemployment rate at 4.5 percent. Inflation distress continues for UK consumers The expected increase in UK inflation for 2025 looks set to peak at 3.7 percent in the third quarter of the year, before falling to two percent by early 2026. Though this spike in prices will be far less serious than in 2022, when UK inflation reached a peak of 11.1 percent in October 2022, UK households are still suffering from the impact of the previous crisis. In March 2025, approximately 59 percent of UK households were dealing with rising living costs, relative to the previous month, mainly due to rising energy and food costs. Unemployment set to rise in 2025 Aside from rising prices and a slowing economy, the UK will also have to contend with rising unemployment in 2025. As with inflation, however, the rise in unemployment is expected to be relatively mild and short-lived, especially when compared with previous periods of high unemployment. Recently, the government has been more concerned about high levels of economic inactivity, especially among young people, with the number of 16- to 24-year-olds not in employment, education, or training approaching one million towards the end of 2024.

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.

In 2023, the GDP of the United States increased by about *** percent compared to the previous year. This comes amid high inflation rates globally, and countries such as Argentina and Germany even experiencing economic decline. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator to measure the economic strength of a country.

The Gross Domestic Product (GDP) in the United Kingdom expanded 1.30 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides the latest reported value for - United Kingdom GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

United Kingdom UK: GDP: Growth data was reported at 1.787 % in 2017. This records a decrease from the previous number of 1.936 % for 2016. United Kingdom UK: GDP: Growth data is updated yearly, averaging 2.527 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 6.596 % in 1970 and a record low of -4.188 % in 2009. United Kingdom UK: GDP: Growth 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: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. 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.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Across the United States, the United Kingdom, Germany, and the European Union, gross domestic products (GDP) decreased in 2020 as a result of the COVID-19 pandemic. However, by 2021, growth rates were positive in all four areas again. The United Kingdom, Germany, and the European Union all experiencing slow economic growth in 2023 amid high inflation, with Germany even seeing an economic recession. GDP and its components GDP refers to the total market value of all goods and services that are produced within a country per year. It is composed of government spending, consumption, business investments and net exports. It is an important indicator to measure the economic strength of a country. Economists rely on a variety of factors when predicting the future performance of the GDP. Inflation rate is one of the economic indicators providing insight into the future behavior of households, which make up a significant proportion of GDP. Projections are based on the past performance of such information. Future considerations Some factors can be more easily predicted than others. For example, projections of the annual inflation rate of the United States are easy to come by. However, the intensity and impact of something like Brexit is difficult to predict. Moreover, the occurrence and impact of events such as the COVID-19 pandemic and Russia's war in Ukraine is difficult to foresee. Hence, actual GDP growth may be higher or lower than the original estimates.

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.

Key information about United Kingdom Real GDP Growth

• The Gross Domestic Product (GDP) in United Kingdom expanded 0.4 % YoY in Dec 2022, following a growth of 1.9 % in the previous quarter.
• Real GDP Growth YoY data in UK is updated quarterly, available from Mar 1956 to Dec 2022, with an average rate of 2.2 %.
• The data reached an all-time high of 24.4 % in Jun 2021 and a record low of -22.6 % in Jun 2020.

• In the latest reports, Nominal GDP of UK reached 744.4 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.6 % in Dec 2022.
• GDP Per Capita in UK reached 46,373.9 USD in Dec 2021.
• Its Gross Savings Rate was measured at 16.3 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 16.7 % in Sep 2022.
• Public Consumption accounted for 20.8 % in Sep 2022.
• Private Consumption accounted for 62.9 % in Sep 2022.

The UK economy shrank by 0.1 percent in May 2025 after shrinking by 0.3 percent in April. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now around 4.4 percent 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 January 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: 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;

Key information about UK Nominal GDP Growth

• United Kingdom Nominal GDP Growth was reported at 5.684 % in Dec 2024.
• This records an increase from the previous number of 4.679 % for Sep 2024.
• UK Nominal GDP Growth data is updated quarterly, averaging 6.139 % from Mar 1956 to Dec 2024, with 276 observations.
• The data reached an all-time high of 26.888 % in Mar 1975 and a record low of -14.376 % in Jun 2020.
• UK Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

Leading Economic Index the United Kingdom increased 0.50 percent in May of 2025 over the same month in the previous year. This dataset provides - United Kingdom Monthly GDP- actual values, historical data, forecast, chart, statistics, economic calendar and news.

United Kingdom UK: GDP: % of Manufacturing: Medium and High Tech Industry data was reported at 47.367 % in 2015. This records a decrease from the previous number of 50.178 % for 2014. United Kingdom UK: GDP: % of Manufacturing: Medium and High Tech Industry data is updated yearly, averaging 43.770 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 50.528 % in 2013 and a record low of 41.974 % in 2003. United Kingdom UK: GDP: % of Manufacturing: Medium and High Tech Industry 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: Share of GDP. The proportion of medium and high-tech industry value added in total value added of manufacturing; ; United Nations Industrial Development Organization (UNIDO), Competitive Industrial Performance (CIP) database; ;

Forecast: ICT Industry Share in GDP in the UK 2024 - 2028 Discover more data with ReportLinker!

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.

GDP per capita growth (annual %) in United Kingdom was reported at 0.0287 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. United Kingdom - GDP per capita growth (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.