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.