The British economy expanded 8.7% year-on-year in the first quarter of 2022, above 6.6% in Q4 but slightly below forecasts of 9%. The services sector expanded 9.9%, production 2% and construction 7.4%. 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. source: Office for National Statistics

GDP Annual Growth Rate in the United Kingdom averaged 2.36 percent from 1956 until 2022, reaching an all time high of 24.50 percent in the second quarter of 2021 and a record low of -21.10 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 2022.

GDP Annual Growth Rate in the United Kingdom is expected to be 1.70 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 Annual Growth Rate is projected to trend around 1.30 percent in 2023 and 1.60 percent in 2024, according to our econometric models.

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United Kingdom GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-31 06:00 AM YoY Final Q4 6.6% 6.9% 6.5% 6.5%
2022-05-12 06:00 AM YoY Prel Q1 8.7% 6.6% 9% 8.8%
2022-06-30 06:00 AM YoY Final Q1 6.6% 8.7% 8.7%


Related Last Previous Unit Reference
GDP Growth Rate 0.80 1.30 percent Mar 2022
GDP Annual Growth Rate 8.70 6.60 percent Mar 2022
GDP Constant Prices 569055.00 564812.00 GBP Million Mar 2022
Gross National Product 606343.00 580080.00 GBP Million Dec 2021
Gross Fixed Capital Formation 102334.00 97093.00 GBP Million Mar 2022
GDP From Transport 20778.00 20059.00 GBP Million Mar 2022
GDP From Services 406933.00 405112.00 GBP Million Mar 2022
GDP From Public Administration 25177.00 25408.00 GBP Million Mar 2022
GDP From Mining 3948.00 3957.00 GBP Million Mar 2022
GDP From Manufacturing 49900.00 49265.00 GBP Million Mar 2022
GDP From Construction 32051.00 30873.00 GBP Million Mar 2022
GDP From Agriculture 3362.00 3342.00 GBP Million Mar 2022
Economic Activity Index 6.90 8.80 percent Aug 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
8.70 6.60 24.50 -21.10 1956 - 2022 percent Quarterly
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News Stream
UK Annual GDP Growth at 8.7% in Q1
The British economy expanded 8.7% year-on-year in the first quarter of 2022, above 6.6% in Q4 but slightly below forecasts of 9%, preliminary estimates showed. The services sector expanded 9.9%, production 2% and construction 7.4%. 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.
2022-05-12
UK GDP Annual Growth Revised Up to 6.6%
The British economy grew 6.6% year-on-year in the final quarter of 2021, slightly more than initial estimates of a 6.5% rise and following a downwardly revised 6.9% rise in Q3, despite the spread of the omicron coronavirus variant. Public expenditure recorded the biggest increase (10.5%), followed by household spending (8.1%) and business investment. Exports were up 1.2% and imports shrank 4%. At the end of 2021, the economy was just 0.1% below its pre-pandemic peak.
2022-03-31
UK Annual GDP Growth Slows in Q4
The British economy advanced 6.5% year-on-year in the fourth quarter of 2021, following an upwardly revised 7% growth in the previous period and slightly higher than forecasts of 6.4 percent, preliminary estimates showed. Government spending recorded the biggest increase (11.6%), followed by household expenditure (8.9%) and gross fixed capital formation (2.3%). On the other hand, business investment declined 0.8%, exports fell 0.6% and imports 5.3%. Considering full 2021, the economy advanced 7.5%, compared to a 9.4% fall in 2020. The GDP is now 0.4% below its pre-pandemic level.
2022-02-11