UK gross domestic product shrank by 20.4 percent in the second quarter of 2020, the most since comparable records began in 1955 and compared to market expectations of a 20.5 percent contraction, a preliminary estimate showed. That was the second consecutive quarterly decline in GDP, officially entering a recession, due to the COVID-19 pandemic and the government measures taken to reduce transmission of the virus. Private consumption accounted for more than 70 percent of the decline in the GDP, down by 23.1 percent; there were also notable falls in gross fixed capital formation (-25.5 percent) and government consumption (-14.0 percent). Net external demand contributed positively as imports fell more than exports.
GDP Growth Rate in the United Kingdom averaged 0.51 percent from 1955 until 2020, reaching an all time high of 5 percent in the first quarter of 1973 and a record low of -20.40 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 September of 2020. source: Office for National Statistics
GDP Growth Rate in the United Kingdom is expected to be 9.50 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 0.80 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.