The British economy advanced 1.3% on quarter in Q3 2021, lower than 5.5% in Q2 and below forecasts of 1.5%. The largest contributors were hospitality (30%), arts and recreation (19.6%) and health (3.5%) following the further easing of restrictions and reopening of the economy, preliminary estimates showed. On the other hand, manufacturing shrank 0.3% as recent supply constraints weighed on the sector, namely manufacture of rubber and plastics, transport equipment (-8.2%), and sales and repair of motor vehicles (-13.3%). Household consumption (2%) also made the largest contribution to expenditure while there was a fall in underlying inventories, likely reflecting some of the recent supply chain challenges, and a negative contribution from net trade due to a fall in exports (-1.9%). The economy is now 2.1% below its pre-pandemic level in the last quarter of 2019. 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 17.40 percent in the third quarter of 2020 and a record low of -19.60 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 December of 2021.
GDP Growth Rate in the United Kingdom is expected to be 0.90 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 0.70 percent in 2022 and 0.30 percent in 2023, according to our econometric models.