Britain's gross domestic product decreased by 1.6 percent year-on-year in the first quarter of 2020, the biggest fall since the fourth quarter of 2009 and compared with market expectations of a 2.1 percent slump. There was a widespread disruption to economic activity due to the coronavirus pandemic and the government's efforts to contain it in the second half of March. Household consumption dropped 1 percent and fixed investment slumped 2.3 percent. In addition, government spending edged 0.1 percent lower while exports and imports both fell sharply.

GDP Annual Growth Rate in the United Kingdom averaged 2.43 percent from 1956 until 2020, reaching an all time high of 9.80 percent in the first quarter of 1973 and a record low of -5.80 percent in the first quarter of 2009. This page provides the latest reported value for - United Kingdom GDP Annual 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 Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Office for National Statistics

GDP Annual Growth Rate in the United Kingdom is expected to be -26.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in the United Kingdom to stand at -2.30 in 12 months time. In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 3.20 percent in 2021 and 2.00 percent in 2022, according to our econometric models.

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United Kingdom GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.60 1.10 9.80 -5.80 1956 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-20 09:30 AM YoY Final Q3 1.1% 1.2% 1% 1%
2020-02-11 09:30 AM YoY Prel Q4 1.1% 1.2% 1.1% 0.9%
2020-03-31 06:00 AM YoY Final Q4 1.1% 1.3% 1.1% 1.1%
2020-05-13 06:00 AM YoY Prel Q1 -1.6% 1.1% -2.1% -2%
2020-06-30 06:00 AM YoY Final Q1 1.1% -1.6% -1.6%
2020-08-10 06:00 AM YoY Prel Q2 -26%
2020-09-30 06:00 AM YoY Final Q2 -26%
2020-11-11 07:00 AM YoY Prel Q3 -8.4%


News Stream
UK GDP Posts Biggest Annual Fall in a Decade
Britain's gross domestic product decreased by 1.6 percent year-on-year in the first quarter of 2020, the biggest fall since the fourth quarter of 2009 and compared with market expectations of a 2.1 percent slump. There was a widespread disruption to economic activity due to the coronavirus pandemic and the government's efforts to contain it in the second half of March. Household consumption dropped 1 percent and fixed investment slumped 2.3 percent. In addition, government spending edged 0.1 percent lower while exports and imports both fell sharply.
2020-05-13
UK Economy Could Contract 35% in Q2
Britain's economy could contract as much as 35 percent in the second quarter of this year, the most since records began in 1956, amid efforts to contain the rapid spread of Covid-19, the Office for Budget Responsibility said on April 14th. The projection was based on the assumption that the shutdown lasts for three months followed by another three-month period during which restrictions are partially lifted. The country's independent budget forecasters also said that the country's budget deficit could hit £273 billion, equivalent to 14 percent of GDP and the biggest since World War Two, while public sector net debt is seen exceeding 100 percent of GDP for the first time.
2020-04-14
UK Q4 GDP Annual Growth Confirmed at 2-Year Low
Britain's annual economic growth was confirmed at 1.1 percent in the fourth quarter of 2019, down from a revised 1.3 percent in the previous period. That was the weakest pace of expansion since the January to March period of 2018 due mainly to a contraction in fixed investment and a slowdown in household consumption growth. Meanwhile, government spending expanded at a slightly faster rate and net external demand contributed positively to the GDP, as the country posted the first quarterly trade surplus in over two decades. Considering 2019 full year, Britain's economy expanded 1.4 percent, compared to 1.3 percent in 2018 and 1.9 percent in 2017.
2020-03-31
UK GDP Annual Growth Weakest in 2 Years
Britain's annual economic growth slowed to 1.1 percent in the fourth quarter of 2019 from a revised 1.2 percent in the previous period, still beating market expectations of 0.8 percent, a preliminary estimate showed. That was the weakest pace of expansion since the first three months of 2018 due mainly to a contraction in fixed investment and a sluggish household consumption growth. Government spending expanded at a faster rate and net external demand contributed positively to the GDP, as the country posted the first quarterly trade surplus in over two decades. Considering 2019 full year, Britain's economy expanded 1.4 percent, compared to 1.3 percent in 2018.
2020-02-11

United Kingdom GDP Annual Growth Rate
The United Kingdom is the sixth largest economy in the world and the second largest in Europe after Germany. The Services sector is the most important and accounts for 79 percent to total 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.