The British economy expanded 0.8% on quarter in Q1 2022, slowing from a 1.3% expansion in Q4 and below market forecasts of 1%, preliminary estimates showed. The services sector increased 0.4%, with the largest contributions coming from information and communication, accommodation and food, and transportation and storage industries, while there was a decline in wholesale and retail. Production went up 1.2%, mainly due to manufacturing (1.3%). Also, household consumption went up 0.6%, partially offset by large movements in international trade flows. The GDP is now 0.7% above its pre-coronavirus level. However, a slowdown is expected in the coming months due to the impact of the war in Ukraine and as rising inflation hurts consumers' purchasing power. Yet, the economy already contracted 0.1% in March alone and the Bank of England sees it broadly unchanged in Q2 and to contract around 1% in Q4. source: Office for National Statistics

GDP Growth Rate in the United Kingdom averaged 0.59 percent from 1955 until 2022, reaching an all time high of 17.60 percent in the third quarter of 2020 and a record low of -19.40 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 May of 2022.

GDP Growth Rate in the United Kingdom is expected to be 0.10 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 0.10 percent in 2023 and 0.40 percent in 2024, according to our econometric models.

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United Kingdom GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-31 06:00 AM QoQ Final Q4 1.3% 0.9% 1% 1%
2022-05-12 06:00 AM QoQ Prel Q1 0.8% 1.3% 1% 0.9%
2022-06-30 06:00 AM QoQ Final Q1 1.3% 0.8%


Related Last Previous Unit Reference
GDP Growth Rate 0.80 1.30 percent Mar 2022
GDP Annual Growth Rate 8.70 6.60 percent Mar 2022
GDP Constant Prices 569055.00 564812.00 GBP Million Mar 2022
Gross National Product 606343.00 580080.00 GBP Million Dec 2021
Gross Fixed Capital Formation 102334.00 97093.00 GBP Million Mar 2022
GDP From Transport 20778.00 20059.00 GBP Million Mar 2022
GDP From Services 406933.00 405112.00 GBP Million Mar 2022
GDP From Public Administration 25177.00 25408.00 GBP Million Mar 2022
GDP From Mining 3948.00 3957.00 GBP Million Mar 2022
GDP From Manufacturing 49900.00 49265.00 GBP Million Mar 2022
GDP From Construction 32051.00 30873.00 GBP Million Mar 2022
GDP From Agriculture 3362.00 3342.00 GBP Million Mar 2022
Economic Activity Index 6.90 8.80 percent Aug 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
0.80 1.30 17.60 -19.40 1955 - 2022 percent Quarterly
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News Stream
UK GDP Growth Below Forecasts in Q1
The British economy expanded 0.8% on quarter in Q1 2022, slowing from a 1.3% expansion in Q4 and below market forecasts of 1%, preliminary estimates showed. The services sector increased 0.4%, with the largest contributions coming from information and communication, accommodation and food, and transportation and storage industries, while there was a decline in wholesale and retail. Production went up 1.2%, mainly due to manufacturing (1.3%). Also, household consumption went up 0.6%, partially offset by large movements in international trade flows. The GDP is now 0.7% above its pre-coronavirus level. However, a slowdown is expected in the coming months due to the impact of the war in Ukraine and as rising inflation hurts consumers' purchasing power. Yet, the economy already contracted 0.1% in March alone and the Bank of England sees it broadly unchanged in Q2 and to contract around 1% in Q4.
2022-05-12
UK GDP Growth Rate Revised Higher in Q4
The British economy expanded 1.3% on quarter in the last three months of 2021, stronger than initial estimates of a 1% increase, and following a downwardly revised 0.9% gain in the previous three months. Service industries expanded more quickly than initially estimated (1.5% vs 1.2%), and exports also increased more (6.9% vs 4.9%). The largest contributors to growth were human health and social work activities, driven by increased GP visits at the start of the quarter, and a large increase in coronavirus testing and tracing activities, and the extension of the vaccination programme. The GDP is now 0.1% below where it was pre-coronavirus at Quarter 4 2019. Considering full 2021, the British economy advanced 7.4%, slightly less than initial estimates of 7.5%, and rebounding from a 9.3% contraction in 2020.
2022-03-31
British GDP Grows 1% in Q4, 2021 Best Year Since 1941
The British economy expanded 1% on quarter in the last three months of 2021, the same as in the previous period and slightly below forecasts of 1.1%, but still remained 0.4% below pre-pandemic level. The largest contributors were human health and social work activities driven by a rise in GP visits at the start of the quarter, and a large increase in coronavirus testing and tracing activities and the extension of the vaccination programme. Household consumption increased 1.2%, government spending 1.9%, gross fixed capital formation 2.2% and exports jumped 4.9% while imports dropped 1.5%. Considering full 2021, the economy advanced 7.5%, the most since 1941, recovering from a lower base, having contracted 9.4% in 2020.
2022-02-11