The British economy expanded 0.8% on quarter in the first three months of 2022, the lowest in a year, and in line with preliminary estimates. The largest contributors were information and communication, and transport and storage while production output was primarily driven by a rise in manufacturing output; and construction output rose. Also, household final consumption expenditure grew 0.6%, whereas gross fixed capital formation grew by a revised 3.8%. Still, real household disposable income fell by 0.2%, the fourth consecutive quarter of real negative growth in disposable income. The GDP remains 0.7% above its pre-pandemic level. 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 July 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.