GDP reading: GDP declined 3.5% in seasonally adjusted annualized rate terms (SAAR) in the second quarter, contrasting the 3.1% expansion...
Economic Growth in United Kingdom
The United Kingdom's GDP growth over the last decade was impacted by Brexit uncertainties and the COVID-19 pandemic. The Brexit referendum in 2016 introduced prolonged economic uncertainty, affecting investment and growth. The pandemic caused a historic contraction in 2020, followed by recovery. However, the UK economy is growing more slowly than in pre-Brexit years, dampened by trade frictions with the EU plus soft economic growth in mainland Europe.
In the year 2024, the economic growth in United Kingdom was 1.10%, compared to 3.19% in 2014 and 0.40% in 2023. It averaged 1.60% over the last decade. 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 2024.
Source: Macrobond.
United Kingdom GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -10.3 | 8.6 | 4.8 | 0.4 | 1.1 |
| GDP (USD bn) | 2,698 | 3,143 | 3,112 | 3,370 | 3,643 |
| GDP (GBP bn) | 2,103 | 2,285 | 2,526 | 2,711 | 2,851 |
| Economic Growth (Nominal GDP, ann. var. %) | -5.8 | 8.6 | 10.5 | 7.3 | 5.2 |
Economy stagnates in July
GDP reading: GDP flatlined on a seasonally adjusted month-on-month basis in July, following a 0.4% increase in the prior month and in line with market expectations. On a rolling quarter basis, GDP increased 0.2% in July, following a 0.3% rise in the previous rolling quarter.
Drivers: Services and construction activity rose in July, which offset declines in manufacturing and mining output.
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 60 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.
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