UK GDP expanded 15.5 percent in the three months to September 2020, partially recovering from a record contraction of 19.8 percent seen in the previous period and compared with market expectations of a 15.8 percent growth, a preliminary estimate showed. This was the strongest pace of expansion in the economy since the series began in 1955, reflecting the continued easing of lockdown restrictions as well as some recovery of activity from the steep contraction in April. Household consumption increased 18.3 percent (vs -26.3 percent in Q2) driven by higher spending on restaurants and hotels and transport, and gross fixed capital formation rose 15.1 percent (vs -21.6 percent in Q2) boosted by dwellings investment and business investment. Still, household consumption and business investment remained well below pre-pandemic levels. Public spending advanced 7.8 percent (vs -14.6 percent in Q2), while net external demand contributed negatively to the GDP as imports rose more than exports. source: Office for National Statistics

GDP Growth Rate in the United Kingdom averaged 0.57 percent from 1955 until 2020, reaching an all time high of 15.50 percent in the third quarter of 2020 and a record low of -19.80 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 November of 2020.

GDP Growth Rate in the United Kingdom is expected to be -2.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in the United Kingdom to stand at 1.60 in 12 months time. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 1.00 percent in 2021 and 0.50 percent in 2022, according to our econometric models.

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United Kingdom GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
15.50 -19.80 15.50 -19.80 1955 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-06-30 06:00 AM QoQ Final Q1 -2.2% 0.0% -2% -2%
2020-08-12 06:00 AM QoQ Prel Q2 -20.4% -2.2% -20.5% -20.4%
2020-09-30 06:00 AM QoQ Final Q2 -19.8% -2.5% -20.4% -20.4%
2020-11-12 07:00 AM QoQ Prel Q3 15.5% -19.8% 15.8% 15.5%
2020-12-22 07:00 AM QoQ Final Q3 -19.8% 15.5% 15.5%
2021-02-11 09:30 AM QoQ Prel Q4
2021-03-31 06:00 AM QoQ Final Q4
2021-05-13 06:00 AM QoQ Prel Q1


News Stream
UK Economy Grows by Record 15.5% in Q3
UK GDP expanded 15.5 percent in the three months to September 2020, partially recovering from a record contraction of 19.8 percent seen in the previous period and compared with market expectations of a 15.8 percent growth, a preliminary estimate showed. This was the strongest pace of expansion in the economy since the series began in 1955, reflecting the continued easing of lockdown restrictions as well as some recovery of activity from the steep contraction in April. Household consumption increased 18.3 percent (vs -26.3 percent in Q2) driven by higher spending on restaurants and hotels and transport, and gross fixed capital formation rose 15.1 percent (vs -21.6 percent in Q2) boosted by dwellings investment and business investment. Still, household consumption and business investment remained well below pre-pandemic levels. Public spending advanced 7.8 percent (vs -14.6 percent in Q2), while net external demand contributed negatively to the GDP as imports rose more than exports.
2020-11-12
UK Economy Shrinks Slightly Less than Initial Estimates
The British economy shrank 19.8 percent on quarter in the three months to June of 2020, slightly less than a preliminary estimate of a 20.4 percent drop. Still, it remains the biggest contraction ever and the second consecutive quarterly decline in GDP, officially entering a recession, due to the COVID-19 pandemic and the government measures taken to reduce transmission of the virus. Gross fixed capital formation fell less than initially anticipated (-21.6 percent vs -25.5 percent) while both household consumption (-23.6 percent vs -23.1 percent) and government spending (-14.6 percent vs -14 percent) sank more. Private consumption accounted for more than three-quarters of the fall in GDP, reflecting the implementation of public health restrictions, the mandated closures of non-essential shops and forms of social distancing. Net external demand contributed positively as imports (-22.7 percent) fell more than exports (-11 percent).
2020-09-30
UK Economy Enters Steep Recession in Q2
UK gross domestic product shrank by 20.4 percent in the second quarter of 2020, the most since comparable records began in 1955 and compared to market expectations of a 20.5 percent contraction, a preliminary estimate showed. That was the second consecutive quarterly decline in GDP, officially entering a recession, due to the COVID-19 pandemic and the government measures taken to reduce transmission of the virus. Private consumption accounted for more than 70 percent of the decline in the GDP, down by 23.1 percent; there were also notable falls in gross fixed capital formation (-25.5 percent) and government consumption (-14.0 percent). Net external demand contributed positively as imports fell more than exports.
2020-08-12
UK Economy Contracts Most in Over 40 Years
Britain's economy shrank by 2.2 percent in the first quarter of 2020, compared with a preliminary estimate of a 2.0 percent fall. That was the largest drop in UK GDP since the third quarter of 1979 as a coronavirus lockdown from mid-March forced non-essential businesses to close and consumers to stay at home. Household consumption dropped by 2.9 percent (vs preliminary -1.7 percent), the most in over four decades, driven by declines in spending on transport, restaurants and hotels, and clothing and footwear, due to the effects of social distancing measures. Fixed investment shrank 1.1 percent (vs preliminary -1 percent), due to falls in government investment, dwellings investment and business investment, while government consumption decreased by 4.1 percent (vs preliminary -2.6 percent), reflecting declines in health and education expenditure. The negative contribution of net trade was revised downwards, with both exports and imports tumbling more than initially thought.
2020-06-30

United Kingdom GDP Growth Rate
The services sector is the most important and account for 79 percent of United Kingdom's GDP. The biggest segments within services are: government, education and health (19 percent of total GDP); real estate (12 percent); professional, scientific and technical activities and administrative and support services (12 percent); wholesale and retail trade (11 percent); and financial and insurance (8 percent). Industry accounts for 21 percent of the GDP and the largest segments within this sector are: manufacturing (10 percent of total GDP) and construction (6 percent). The Agriculture sector accounts for only 1 percent of GDP. Composition of the GDP on the expenditure side: household consumption (65 percent), government expenditure (20 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 28 percent of GDP while imports account for 30 percent, subtracting 2 percent from GDP.