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.