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.