Korea: Economy records first contraction since Q4 2022 in the second quarter
GDP declined 0.2% on a seasonally adjusted quarter on quarter basis in the second quarter, contrasting the 1.3% expansion logged...
Economic Growth in United Kingdom
The United Kingdom's GDP growth from 2013 to 2022 was impacted by Brexit uncertainties and the COVID-19 pandemic. Early in the decade, the economy experienced steady, though moderate, growth. The Brexit referendum in 2016 introduced prolonged economic uncertainty, affecting investment and growth. The pandemic caused a historic contraction in 2020, but a strong recovery followed in 2021-2022, albeit with ongoing challenges from Brexit-related trade disruptions and soft global economic conditions.
The United Kingdom recorded an average real GDP growth rate of 1.7% in the decade to 2022. This is slightly below the 1.8% average for major economies. In 2022, real GDP growth was 4.3%. For more GDP information, visit our dedicated page.
United Kingdom GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for United Kingdom from 2014 to 2023.
Source: Macrobond.
United Kingdom GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 1.6 | -10.4 | 8.7 | 4.3 | 0.1 |
| GDP (USD bn) | 2,850 | 2,699 | 3,141 | 3,087 | 3,340 |
| GDP (GBP bn) | 2,234 | 2,104 | 2,284 | 2,506 | 2,687 |
| Economic Growth (Nominal GDP, ann. var. %) | 3.8 | -5.8 | 8.5 | 9.7 | 7.2 |
Economic activity gains steam in May
GDP increased 0.4% in month-on-month seasonally adjusted terms in May, which followed April's flat reading and was double market expectations. On a rolling quarterly basis, GDP rose at a faster rate of 0.9% in March–May (February–April: +0.8% qoq), the best result since the three months up to January 2022.
Services, industrial and construction output all rose month on month in May, with construction rising at a particularly sharp pace following a steep contraction in April. The warmest May on record likely boosted both construction and services output in the month.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects British GDP projections for the next ten years from a panel of 62 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for British GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our British GDP projections.
Want to get access to the full dataset of British GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
-
China: GDP growth records slowest increase since Q1 2023 in the second quarter
GDP growth slowed to 4.7% on a year-on-year basis in the second quarter, down from 5.3% in the first quarter... -
Singapore: GDP growth loses steam in the second quarter
According to a preliminary estimate, GDP growth ticked down slightly to 2.9% year on year in the second quarter, from... -
Guatemala: GDP growth accelerates in the first quarter
The economy started the year on a stronger footing, with GDP expanding 3.3% year on year in the first quarter... -
United Kingdom: Economic activity gains steam in May
GDP increased 0.4% in month-on-month seasonally adjusted terms in May, which followed April’s flat reading and was double market expectations.... -
Kenya: GDP growth remains largely stable in Q1
In the first quarter of 2024, the economy posted a robust expansion of 5.0% year on year, largely stable from... -
Angola: GDP growth records quickest upturn in nine years in Q1
The economy surged in the first quarter, expanding 4.6% year on year, which more than doubled Q4 2023’s upwardly revised...