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.

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United Kingdom GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.60 1.30 16.90 -19.50 1955 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2021-02-12 07:00 AM QoQ Prel Q4 1% 16.1% 0.5% 0.5%
2021-03-31 06:00 AM QoQ Final Q4 1.3% 16.9% 1% 1%
2021-05-12 06:00 AM QoQ Prel Q1 -1.5% 1.3% -1.6% -1.4%
2021-06-30 06:00 AM QoQ Final Q1 -1.6% 1.3% -1.5% -1.5%
2021-08-12 06:00 AM QoQ Prel Q2 -1.6% 5.1%
2021-09-30 06:00 AM QoQ Final Q2 -1.6%
2021-11-11 07:00 AM QoQ Prel Q3 1.5%
2021-12-22 07:00 AM QoQ Final Q3


News Stream
UK Economy Contracts 1.6% in Q1
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.
2021-06-30
UK Economy Falls Back into Contraction in Q1
UK gross domestic product shrank by 1.5 percent on quarter in January to March 2021, ending a two-quarter period of growth and compared with market expectations of 1.6 percent contraction, a preliminary estimate showed. Household consumption and business investment declined as a result of the reintroduction of coronavirus restrictions, while government expenditure increased and the trade balance improved, as imports fell more sharply than exports. In output terms, school closures and a large fall in retail sales earlier in the quarter dragged down GDP growth. The level of GDP in the UK was 8.7 percent below where it was prior to the pandemic at the end of 2019. Compared with the same quarter a year ago, when the initial economic impacts of the COVID-19 pandemic began to show, the UK economy fell by 6.1 percent.
2021-05-12
UK GDP Growth Revised Higher to 1.3%
The British economy expanded 1.3% on quarter in the last three months of 2020, higher than 1% in the preliminary estimate. Government expenditure (6.7% vs 6.4% in the first estimate), particularly healthcare and education; business investment (5.9% vs 1.3%) and inventories were revised upwards while household consumption experienced a bigger fall (-1.7% vs -0.2%). Net external demand also contributed negatively to the GDP as imports rose more than exports. Q3 figures were revised up to show a 16.9% growth. Despite two consecutive quarters of growth, the level of GDP was still 7.3% below its pre-pandemic level. The levels of business investment and household consumption remain 7.4% and 9.2% lower than their pre-pandemic levels respectively. The contraction for 2020 was also revised to 9.8%, from the first estimate of a 9.9% decline.
2021-03-31
UK Economy Expands Faster than Forecast in Q4
UK gross domestic product grew by 1.0 percent on quarter in the October to December period of 2020, easing from a 16.1 percent expansion in the previous quarter but beating market expectations of 0.5 percent, a preliminary estimate showed. Despite two consecutive quarters of growth, the level of GDP was 7.8 percent below its pre-pandemic level. Government consumption advanced 6.4 percent (vs 12.9 percent in Q3) on the back of higher spending on healthcare and education, and fixed investment rose 2.1 percent (vs 20.3 percent in Q3), driven by a large increase in transport equipment. Meanwhile, household consumption decreased by 0.2 percent (vs 19.3 percent in Q3), due to lower spending in restaurants and hotels following the reintroduction of restrictions. Net external demand also contributed negatively to the GDP as imports rose more than exports. Over the year 2020 as a whole, GDP contracted by 9.9 percent, the largest annual fall on record.
2021-02-12

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.