Britain's gross domestic product shrank by 2.0 percent on quarter in the first three months of 2020, after showing no growth in the previous period and compared to market expectations of a 2.5 percent slump, a preliminary estimate showed. That was the steepest contraction since the fourth quarter of 2008 as a coronavirus lockdown from mid-March forced businesses to close and consumers to stay at home. Household consumption dropped by 1.7 percent, also the largest fall since the fourth quarter of 2008, driven by declines in spending on transport, restaurants and hotels, and clothing and footwear, due to the effects of social distancing measures. Fixed investment shrank 1 percent, due to falls in investment in dwellings as well as government investment, while government consumption decreased 2.6 percent, reflecting declines in health and education expenditure. In addition, exports tumbled 10.8 percent and imports were down 5.3 percent as the pandemic hit global trade demand.

GDP Growth Rate in the United Kingdom averaged 0.59 percent from 1955 until 2020, reaching an all time high of 5 percent in the first quarter of 1973 and a record low of -2.70 percent in the first quarter of 1974. 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 May of 2020. source: Office for National Statistics

GDP Growth Rate in the United Kingdom is expected to be -21.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in the United Kingdom to stand at 1.00 in 12 months time. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 0.70 percent in 2021 and 0.50 percent in 2022, according to our econometric models.

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United Kingdom GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.00 0.00 5.00 -2.70 1955 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-20 09:30 AM QoQ Final Q3 0.4% -0.2% 0.3% 0.3%
2020-02-11 09:30 AM QoQ Prel Q4 0% 0.5% 0% 0.0%
2020-03-31 06:00 AM QoQ Final Q4 0.0% 0.5% 0.0% 0.0%
2020-05-13 06:00 AM QoQ Prel Q1 -2% 0% -2.5% -2.4%
2020-06-30 06:00 AM QoQ Final Q1 0.0% -2% -2%
2020-08-10 06:00 AM QoQ Prel Q2 -26%
2020-09-30 06:00 AM QoQ Final Q2 -26%
2020-11-11 07:00 AM QoQ Prel Q3 10.5%


News Stream
UK Economy Contracts the Most since 2008
Britain's gross domestic product shrank by 2.0 percent on quarter in the first three months of 2020, after showing no growth in the previous period and compared to market expectations of a 2.5 percent slump, a preliminary estimate showed. That was the steepest contraction since the fourth quarter of 2008 as a coronavirus lockdown from mid-March forced businesses to close and consumers to stay at home. Household consumption dropped by 1.7 percent, also the largest fall since the fourth quarter of 2008, driven by declines in spending on transport, restaurants and hotels, and clothing and footwear, due to the effects of social distancing measures. Fixed investment shrank 1 percent, due to falls in investment in dwellings as well as government investment, while government consumption decreased 2.6 percent, reflecting declines in health and education expenditure. In addition, exports tumbled 10.8 percent and imports were down 5.3 percent as the pandemic hit global trade demand.
2020-05-13
UK Economy Stagnates in Q4
Britain's gross domestic product was flat in the fourth quarter of 2019, unrevised from the preliminary estimate and compared with a 0.5 percent expansion in the previous period. Household consumption was unchanged in the three months to December, marking the first period that it has not increased since the fourth quarter of 2015, while gross fixed capital formation dropped the most in nearly two years, led by a contraction in business investment. Meanwhile, government consumption rebounded firmly, driven by education and health, and net trade contributed positively to the GDP as exports rose more than imports. On the production side, services activity grew at a softer pace, while production output fell due to declines in manufacturing, and mining and quarrying. In addition, construction output dropped into contraction territory.
2020-03-31
UK Economy Stalls in Q4
Britain's gross domestic product was flat in the fourth quarter of 2019, following an upwardly revised 0.5 percent expansion in the previous three-month period and matching market expectations, a preliminary estimate showed. Household spending rose at the weakest rate in four years, while government spending increased the most since the first quarter of 2012. Net trade also contributed positively to growth, while fixed capital formation contracted 1.6 percent driven by declines in investment in information and communication technology (ICT) equipment, dwellings, transport, and intellectual property products. On the production side, services and construction output rose, while production output declined.
2020-02-11
UK Q3 GDP Growth Revised Higher
Britain's quarterly economic growth was revised slightly higher to 0.4 percent in the third quarter of 2019, from a preliminary estimate of 0.3 percent, as net trade made a larger positive contribution than previously estimated. The expansion was also supported by household consumption, while gross capital formation and government expenditure contributed negatively to GDP growth.
2019-12-20

United Kingdom GDP Growth Rate
The services sector is the most important and account for 79 percent of United Kingdom's 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. Composition of the GDP on the expenditure side: household consumption (65 percent), government expenditure (20 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 28 percent of GDP while imports account for 30 percent, subtracting 2 percent from GDP.