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.

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.  

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.

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 domestic product (GDP). Current price estimates and chained volume measures for local authority districts, London boroughs, unitary authorities and Scottish Council areas.

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.

The United Kingdom is the 9 most competitive nation in the world out of 140 countries ranked in the 2019 edition of the Global Competitiveness Report published by the World Economic Forum. This dataset provides the latest reported value for - United Kingdom Competitiveness Rank - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

United Kingdom UK: Ease of Doing Business Index: 1=Most Business-friendly Regulations data was reported at 7.000 NA in 2017. United Kingdom UK: Ease of Doing Business Index: 1=Most Business-friendly Regulations data is updated yearly, averaging 7.000 NA from Dec 2017 (Median) to 2017, with 1 observations. United Kingdom UK: Ease of Doing Business Index: 1=Most Business-friendly Regulations 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: Business Environment. Ease of doing business ranks economies from 1 to 190, with first place being the best. A high ranking (a low numerical rank) means that the regulatory environment is conducive to business operation. The index averages the country's percentile rankings on 10 topics covered in the World Bank's Doing Business. The ranking on each topic is the simple average of the percentile rankings on its component indicators.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; ; Data are presented for the survey year instead of publication year. Data before 2013 are not comparable with data from 2013 onward due to methodological changes.

Actual value and historical data chart for United Kingdom Regulatory Quality Percentile Rank

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.

United Kingdom GOI: Weighted Rank data was reported at 9.000 NA in 2023. This stayed constant from the previous number of 9.000 NA for 2022. United Kingdom GOI: Weighted Rank data is updated yearly, averaging 10.500 NA from Dec 2016 (Median) to 2023, with 8 observations. The data reached an all-time high of 25.000 NA in 2018 and a record low of 8.000 NA in 2021. United Kingdom GOI: Weighted Rank data remains active status in CEIC and is reported by Milken Institute. The data is categorized under Global Database’s United Kingdom – Table UK.Milken: Global Opportunity Index.

Actual value and historical data chart for United Kingdom Government Effectiveness Percentile Rank

United Kingdom GOI: Total Rank data was reported at 5.000 NA in 2023. This records an increase from the previous number of 2.000 NA for 2022. United Kingdom GOI: Total Rank data is updated yearly, averaging 2.500 NA from Dec 2016 (Median) to 2023, with 8 observations. The data reached an all-time high of 6.000 NA in 2018 and a record low of 2.000 NA in 2022. United Kingdom GOI: Total Rank data remains active status in CEIC and is reported by Milken Institute. The data is categorized under Global Database’s United Kingdom – Table UK.Milken: Global Opportunity Index.

The United Kingdom: Globalization index (0-100): The latest value from 2022 is 87.95 points, a decline from 88 points in 2021. In comparison, the world average is 61.23 points, based on data from 190 countries. Historically, the average for the United Kingdom from 1970 to 2022 is 82.65 points. The minimum value, 68.02 points, was reached in 1970 while the maximum of 89.97 points was recorded in 2017.

Explore the World Competitiveness Ranking dataset for 2016, including key indicators such as GDP per capita, fixed telephone tariffs, and pension funding. Discover insights on social cohesion, scientific research, and digital transformation in various countries.

Social cohesion, The image abroad of your country encourages business development, Scientific articles published by origin of author, International Telecommunication Union, World Telecommunication/ICT Indicators database, Data reproduced with the kind permission of ITU, National sources, Fixed telephone tariffs, GDP (PPP) per capita, Overall, Exports of goods - growth, Pension funding is adequately addressed for the future, Companies are very good at using big data and analytics to support decision-making, Gross fixed capital formation - real growth, Economic Performance, Scientific research legislation, Percentage of GDP, Health infrastructure meets the needs of society, Estimates based on preliminary data for the most recent year., Singapore: including re-exports., Value, Laws relating to scientific research do encourage innovation, % of GDP, Gross Domestic Product (GDP), Health Infrastructure, Digital transformation in companies is generally well understood, Industrial disputes, EE, Female / male ratio, State ownership of enterprises, Total expenditure on R&D (%), Score, Colombia, Estimates for the most recent year., Percentage change, based on US$ values, Number of listed domestic companies, Tax evasion is not a threat to your economy, Scientific articles, Tax evasion, % change, Use of big data and analytics, National sources, Disposable Income, Equal opportunity, Listed domestic companies, Government budget surplus/deficit (%), Pension funding, US$ per capita at purchasing power parity, Estimates; US$ per capita at purchasing power parity, Image abroad or branding, Equal opportunity legislation in your economy encourages economic development, Number, Article counts are from a selection of journals, books, and conference proceedings in S&E from Scopus. Articles are classified by their year of publication and are assigned to a region/country/economy on the basis of the institutional address(es) listed in the article. Articles are credited on a fractional-count basis. The sum of the countries/economies may not add to the world total because of rounding. Some publications have incomplete address information for coauthored publications in the Scopus database. The unassigned category count is the sum of fractional counts for publications that cannot be assigned to a country or economy. Hong Kong: research output items by the higher education institutions funded by the University Grants Committee only., State ownership of enterprises is not a threat to business activities, Protectionism does not impair the conduct of your business, Digital transformation in companies, Total final energy consumption per capita, Social cohesion is high, Rank, MTOE per capita, Percentage change, based on constant prices, US$ billions, National sources, World Trade Organization Statistics database, Rank, Score, Value, World Rankings

Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Kazakhstan, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, Mongolia, Netherlands, New Zealand, Norway, Oman, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Singapore, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Kingdom, Venezuela

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Quarterly estimates of total trade, trade in goods, and trade in services by country, seasonally adjusted.

The United Kingdom is the 20 least corrupt nation out of 180 countries, according to the 2024 Corruption Perceptions Index reported by Transparency International. This dataset provides the latest reported value for - United Kingdom Corruption Rank - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Time series data for the statistic Government expenditure on tertiary education as % of GDP (%) and country United Kingdom. Indicator Definition:Total general (local, regional and central) government expenditure on tertiary education (current, capital, and transfers), expressed as a percentage of GDP. It includes expenditure funded by transfers from international sources to government. Divide total government expenditure for a given level of education (ex. primary, secondary, or all levels combined) by the GDP, and multiply by 100. A higher percentage of GDP spent on education shows a higher government priority for education, but also a higher capacity of the government to raise revenues for public spending, in relation to the size of the country's economy. When interpreting this indicator however, one should keep in mind in some countries, the private sector and/or households may fund a higher proportion of total funding for education, thus making government expenditure appear lower than in other countries. Limitations: In some instances data on total public expenditure on education refers only to the Ministry of Education, excluding other ministries which may also spend a part of their budget on educational activities. For more information, consult the UNESCO Institute of Statistics website: http://www.uis.unesco.org/Education/The indicator "Government expenditure on tertiary education as % of GDP (%)" stands at 1.45 as of 12/31/2017, the highest value at least since 12/31/1972, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes an increase of 4.28 percent compared to the value the year prior.The 1 year change in percent is 4.28.The 3 year change in percent is 6.43.The 10 year change in percent is 69.64.The Serie's long term average value is 1.06. It's latest available value, on 12/31/2017, is 36.17 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 12/31/2000, to it's latest available value, on 12/31/2017, is +105.01%.The Serie's change in percent from it's maximum value, on 12/31/2017, to it's latest available value, on 12/31/2017, is 0.0%.

Rankings of the percentages of workless, working and mixed households for upper-tier local authorities in Great Britain.