UK gross domestic product grew by 4.8 percent on quarter in April to June 2021, recovering from a 1.6 percent contraction in the previous three-month period, as activity and demand rebounded following the easing of coronavirus restrictions. Household consumption jumped 7.3 percent (vs -4.6 percent in Q1) and public spending advanced 6.1 percent (vs 1.5 percent in Q1). Meanwhile, fixed investment continued to contract (-0.5 percent vs -1.7 percent) despite an increase in business investment, and net trade contributed negatively to the GDP as imports rose more than exports. In output terms, the largest contributors to this increase were from wholesale and retail trade, accommodation and food service activities, and education. The level of GDP remained 4.4 percent below pre-pandemic levels. source: Office for National Statistics
GDP Growth Rate in the United Kingdom averaged 0.59 percent from 1955 until 2021, reaching an all time high of 16.90 percent in the third quarter of 2020 and a record low of -19.50 percent in the second quarter of 2020. This page 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. United Kingdom GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2021.
GDP Growth Rate in the United Kingdom is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 0.90 percent in 2022 and 0.50 percent in 2023, according to our econometric models.