Britain's gross domestic product shrank by 9.6 percent year-on-year in the third quarter of 2020, following a record contraction of 21.5 percent in the previous three-month period and compared with market expectations of a 9.4 percent fall, a preliminary estimate showed. The economy started to recover as restrictions on movement eased across June, July, August and September. Household consumption dropped 12.7 percent (vs -26.2 percent in Q2) and fixed investment fell by 12.2 percent (vs -22.6 percent in Q2). At the same time, public investment declined by 10.9 percent (vs -17.8 percent in Q2), while net external demand contributed positively to the GDP as exports decreased less than imports. source: Office for National Statistics

GDP Annual Growth Rate in the United Kingdom averaged 2.29 percent from 1956 until 2020, reaching an all time high of 9.70 percent in the first quarter of 1973 and a record low of -21.50 percent in the second quarter of 2020. This page provides the latest reported value for - United Kingdom GDP Annual 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 Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.

GDP Annual Growth Rate in the United Kingdom is expected to be -6.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in the United Kingdom to stand at 7.50 in 12 months time. In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 3.20 percent in 2021 and 2.00 percent in 2022, according to our econometric models.

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United Kingdom GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-9.60 -21.50 9.70 -21.50 1956 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-06-30 06:00 AM YoY Final Q1 -1.7% 1.1% -1.6% -1.6%
2020-08-12 06:00 AM YoY Prel Q2 -21.7% -1.7% -22.4% -23%
2020-09-30 06:00 AM YoY Final Q2 -21.5% -2.1% -21.7% -21.7%
2020-11-12 07:00 AM YoY Prel Q3 -9.6% -21.5% -9.4% -9.7%
2020-12-22 07:00 AM YoY Final Q3 -21.5% -9.6% -9.6%
2021-02-10 07:00 AM YoY Prel Q4
2021-03-31 06:00 AM YoY Final Q4
2021-05-12 06:00 AM YoY Prel Q1


News Stream
British Economy Posts Smaller Annual Contraction in Q3
Britain's gross domestic product shrank by 9.6 percent year-on-year in the third quarter of 2020, following a record contraction of 21.5 percent in the previous three-month period and compared with market expectations of a 9.4 percent fall, a preliminary estimate showed. The economy started to recover as restrictions on movement eased across June, July, August and September. Household consumption dropped 12.7 percent (vs -26.2 percent in Q2) and fixed investment fell by 12.2 percent (vs -22.6 percent in Q2). At the same time, public investment declined by 10.9 percent (vs -17.8 percent in Q2), while net external demand contributed positively to the GDP as exports decreased less than imports.
2020-11-12
UK GDP Shrinks Slightly Less the Initially Expected
The British economy contracted 21.5 percent year-on-year in the second quarter of 2020, slightly less than initial estimates of a 21.7 percent drop. Still, it is the biggest contraction since comparable records began in 1956 and the second consecutive quarterly decline in GDP, officially entering a recession, amid a widespread disruption to economic activity due to the coronavirus pandemic and the government's efforts to contain it. Fixed investment fell 26.1 percent, below a 27 percent drop in the preliminary estimates while household spending sank at a faster 26.2 percent (vs 25.2 percent).
2020-09-30
UK Suffers Worst Contraction on Record in Q2
Britain's gross domestic product slumped by 21.7 percent year-on-year in the second quarter of 2020, the biggest fall since comparable records began in 1956 and compared with market expectations of a 22.4 percent plunge, a preliminary estimate showed. There was a widespread disruption to economic activity due to the coronavirus pandemic and the government's efforts to contain it. Household consumption dropped 25.2 percent and fixed investment slumped 27.0 percent. In addition, government spending was 16.9 percent lower while exports and imports both fell sharply.
2020-08-12
UK GDP Posts Biggest Annual Fall in Over 10 Years
Britain's gross domestic product shrank by 1.7 percent year-on-year in the first quarter of 2020, the biggest fall since the third quarter of 2009 and compared with a preliminary estimate of a 1.6 percent slump, due to a widespread disruption to economic activity due to the coronavirus pandemic and the government's efforts to contain it since the second half of March. Household consumption dropped 2.5 percent (vs preliminary -1 percent) and fixed investment slumped 2.5 percent (vs preliminary -2.3 percent). In addition, government spending dropped 1.6 percent lower (vs preliminary -0.1 percent) while the negative contribution of net trade was revised downwards as exports and imports both fell sharply.
2020-06-30

United Kingdom GDP Annual Growth Rate
The United Kingdom is the sixth largest economy in the world and the second largest in Europe after Germany. The Services sector is the most important and accounts for 79 percent to total 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.