UK gross domestic product grew by 1.0 percent on quarter in the October to December period of 2020, easing from a 16.1 percent expansion in the previous quarter but beating market expectations of 0.5 percent, a preliminary estimate showed. Despite two consecutive quarters of growth, the level of GDP was 7.8 percent below its pre-pandemic level. Government consumption advanced 6.4 percent (vs 12.9 percent in Q3) on the back of higher spending on healthcare and education, and fixed investment rose 2.1 percent (vs 20.3 percent in Q3), driven by a large increase in transport equipment. Meanwhile, household consumption decreased by 0.2 percent (vs 19.3 percent in Q3), due to lower spending in restaurants and hotels following the reintroduction of restrictions. Net external demand also contributed negatively to the GDP as imports rose more than exports. Over the year 2020 as a whole, GDP contracted by 9.9 percent, the largest annual fall on record. source: Office for National Statistics
GDP Growth Rate in the United Kingdom averaged 0.58 percent from 1955 until 2020, reaching an all time high of 16.10 percent in the third quarter of 2020 and a record low of -19 percent in the second quarter of 2020. 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 March of 2021.
GDP Growth Rate in the United Kingdom is expected to be -4.00 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 0.50 percent in 2022, according to our econometric models.