Britain's gross domestic product shrank by 6.1 percent year-on-year in the first quarter of 2021, a fifth consecutive period of contraction and in line with market expectations, a preliminary estimate showed. Household consumption dropped 10.4 percent (vs -9.2 percent in Q4) and fixed investment fell 3.7 percent (vs -2.6 percent in Q4). Meanwhile, net external demand contributed positively to the GDP, as exports slumped 12.2 percent and imports declined at a faster 13.6 percent. Public investment, however, grew 4.8 percent, the most since the second quarter of 2019. The level of GDP in the UK was also 8.7 percent below where it was prior to the pandemic at the end of 2019. source: Office for National Statistics

GDP Annual Growth Rate in the United Kingdom averaged 2.22 percent from 1956 until 2021, reaching an all time high of 9.70 percent in the first quarter of 1973 and a record low of -21.40 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 June of 2021.

GDP Annual Growth Rate in the United Kingdom is expected to be 22.50 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 6.80 in 12 months time. In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 1.70 percent in 2023, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
United Kingdom GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-6.10 -7.30 9.70 -21.40 1956 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-12-22 07:00 AM YoY Final Q3 -8.6% -20.8% -9.6% -9.6%
2021-02-12 07:00 AM YoY Prel Q4 -7.8% -8.7% -8.1% -8%
2021-03-31 06:00 AM YoY Final Q4 -7.3% -8.5% -7.8% -7.8%
2021-05-12 06:00 AM YoY Prel Q1 -6.1% -7.3% -6.1% -5.6%
2021-06-30 06:00 AM YoY Final Q1 -7.3% -6.1% -6.1%
2021-08-12 06:00 AM YoY Prel Q2 22.5%
2021-09-30 06:00 AM YoY Final Q2
2021-11-11 07:00 AM YoY Prel Q3 6.5%


News Stream
UK Economy Contracts for 5th Straight Period in Q1
Britain's gross domestic product shrank by 6.1 percent year-on-year in the first quarter of 2021, a fifth consecutive period of contraction and in line with market expectations, a preliminary estimate showed. Household consumption dropped 10.4 percent (vs -9.2 percent in Q4) and fixed investment fell 3.7 percent (vs -2.6 percent in Q4). Meanwhile, net external demand contributed positively to the GDP, as exports slumped 12.2 percent and imports declined at a faster 13.6 percent. Public investment, however, grew 4.8 percent, the most since the second quarter of 2019. The level of GDP in the UK was also 8.7 percent below where it was prior to the pandemic at the end of 2019.
2021-05-12
UK GDP Shrinks Less by 7.8% YoY in Q4
The UK GDP fell 7.3 percent year-on-year in the last three months of 2020, less than preliminary estimates of a 7.8 percent fall. Business investment fell much less than initially estimated (-7.4 percent vs -10.3 percent) and the drop for both exports (-18.9 percent vs -23.5 percent in the preliminary estimate) and imports (-4.7 percent vs -8.9 percent) was revised lower. On the other hand, household spending fell 9.2 percent, the same as in the preliminary estimate. The contraction for 2020 was also revised to 9.8%, from the first estimate of a 9.9% decline.
2021-03-31
UK GDP Contracts 7.8% YoY in Q4
Britain's gross domestic product shrank by 7.8 percent year-on-year in the fourth quarter of 2020, following a revised 8.7 percent contraction in the previous three-month period and compared with market expectations of an 8.1 percent fall, a preliminary estimate showed. Household consumption dropped 8.4 percent (vs -8.6 percent in Q3) and fixed investment fell 3.5 percent (vs -7.0 percent in Q3). At the same time, net external demand contributed negatively to the GDP as exports slumped 23.5 percent and imports declined at a softer 8.9 percent. Public investment, however, grew 0.5 percent, following three consecutive periods of contraction. Over the year 2020 as a whole, GDP contracted by 9.9 percent, the largest annual fall on record.
2021-02-12
UK Economic Contraction Eases in Q3
Britain's gross domestic product shrank by 8.6 percent year-on-year in the third quarter of 2020, less than a 9.6 percent contraction previously estimated and following a record contraction of 20.8 percent in the previous three-month period. The economy started to recover as restrictions on movement eased across June, July, August and September. Household consumption dropped 10.1 percent (vs -24.7 percent in Q2) and fixed investment fell by 11.3 percent (vs -23.8 percent in Q2). At the same time, public investment declined by 8.8 percent (vs -18.1 percent in Q2), while net external demand contributed positively to the GDP as exports decreased less than imports.
2020-12-22

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.