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 June 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.