UK gross domestic product shrank by 1.6 percent on quarter in January to March 2021, revised from the first estimate of a 1.5 percent fall and ending a two-quarter period of growth. There were declines in both household consumption (-4.6 percent vs -1.7 percent in Q4 2020) and business investment (-10.7 percent vs 5.9 percent) as a result of the reintroduction of COVID-19 restrictions, while government expenditure increased at a slower pace (1.5 percent vs 6.7 percent) and the trade balance improved as imports fell more than exports. In output terms, the largest contributors to the contraction were from the education, wholesale and retail trade, and accommodation and food services industries. The level of GDP in the UK was 8.8 percent below pre-pandemic levels at the end of 2019. Compared with the same quarter a year ago, the UK economy fell by an unrevised 6.1 percent. source: Office for National Statistics
GDP Growth Rate in the United Kingdom averaged 0.57 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 August of 2021.
GDP Growth Rate in the United Kingdom is expected to be 5.10 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 1.40 in 12 months time. 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.