GDP per capita in United Kingdom
United Kingdom - GDP per capita (U.S. Dollars)
Economic activity growth slows in November
GDP rose 0.1% month-on-month in seasonally-adjusted terms in November (October: +0.5% mom). November's reading was driven by a slowdown in the services sector and a contraction in manufacturing. However, the GDP figure was above market expectations, supported by a strong performance from the food and beverages subsector–which was in turn boosted by the FIFA World Cup.
On a rolling quarterly basis, GDP fell at a softer rate of 0.3% in September–November (August–October: -0.4% qoq).
Taken together, the October–November data bodes well for the Q4 GDP outturn, and suggests activity is holding up despite elevated inflation and interest rates. That said, the economy likely still registered a contraction in December as a result of strike disruption.
On the outlook, the EIU said:
“Even if the UK avoids a recession when fourth-quarter GDP data are published, we continue to believe that the economic outlook in 2023 is weak relative to European peers. This is due to the UK's overreliance on private consumption for growth, which will be affected by declining consumer spending. With the outlook for manufacturing remaining weak, we forecast that full-year GDP will contract in 2023.”
FocusEconomics panelists expect the economy to contract 0.8% in 2023, which is down 0.3 percentage points from last month’s forecast. In 2024, GDP will expand by 0.9%.
United Kingdom - GDP per capita (USD) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 45,001 | 41,199 | 40,432 | 43,092 | 42,294 |
United Kingdom Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.83 | -3.04 % | Jan 01 |
| Exchange Rate | 1.33 | -0.35 % | Jan 01 |
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Economic News
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United Kingdom: Composite PMI deteriorates in January
January 24, 2023
The S&P Global/CIPS Flash Composite Purchasing Managers’ Index (PMI) came in at 47.8 in January, down from December's 49.0.
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United Kingdom: Consumer confidence eases in January
January 23, 2023
Consumer confidence fell to minus 45.0 in January from December's minus 42.0.
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United Kingdom: Inflation falls to lowest level since September in December
January 18, 2023
Inflation dropped to 10.5% in December from November’s 10.7%.
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United Kingdom: Labor market remains an economic bright spot in Q4
January 17, 2023
According to the ONS, in September–November the unemployment rate registered 3.7%, while the redundancy rate was below pre-pandemic levels.
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United Kingdom: Economic activity growth slows in November
January 13, 2023
GDP rose 0.1% month-on-month in seasonally-adjusted terms in November (October: +0.5% mom).
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