The British economy contracted 0.3% on quarter in the three months to September of 2022, slightly more than a preliminary estimate of a 0.2% drop. In September, there was an additional bank holiday for the State Funeral of Queen Elizabeth II, where some businesses closed or operated differently on this day. Household expenditure dropped 1.1%, namely tourism, transport, household goods and services, and food and drinks. Business investment went down 2.5% and inventories fell by £5.2 billion, mainly driven by reductions for retail and manufacturing industries. On the other hand, government expenditure went up 0.5% and government investment surged 17.3%. Also, exports jumped 8.9%, boosted by nonmonetary gold, machinery, transport equipment, and fuels, while imports declined 3.6%, led by chemicals, material and miscellaneous manufactures. The ONS said the figures put Britain bottom in the Group of Seven nations in terms of quarterly economic growth. source: Office for National Statistics

GDP Growth Rate in the United Kingdom averaged 0.56 percent from 1955 until 2022, reaching an all time high of 16.60 percent in the third quarter of 2020 and a record low of -21.00 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 February of 2023.

GDP Growth Rate in the United Kingdom is expected to be -0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 0.40 percent in 2024 and 0.50 percent in 2025, according to our econometric models.

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United Kingdom GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-11 07:00 AM QoQ Prel Q3 -0.2% 0.2% -0.5% -0.4%
2022-12-22 07:00 AM QoQ Final Q3 -0.3% 0.1% -0.2% -0.2%
2023-02-10 07:00 AM QoQ Prel Q4 -0.3% 0% 0.1%


Related Last Previous Unit Reference
GDP Growth Rate -0.30 0.10 percent Sep 2022
GDP Annual Growth Rate 1.90 4.00 percent Sep 2022
GDP Constant Prices 556856.00 558600.00 GBP Million Sep 2022
Gross National Product 622446.00 616578.00 GBP Million Sep 2022
Gross Fixed Capital Formation 100838.00 99704.00 GBP Million Sep 2022
GDP from Transport 17413.00 17358.00 GBP Million Sep 2022
GDP from Services 393556.00 393236.00 GBP Million Sep 2022
GDP from Public Administration 24841.00 24639.00 GBP Million Sep 2022
GDP from Mining 4681.00 4742.00 GBP Million Sep 2022
GDP from Manufacturing 49969.00 51399.00 GBP Million Sep 2022
GDP from Construction 32120.00 32188.00 GBP Million Sep 2022
GDP from Agriculture 3585.00 3586.00 GBP Million Sep 2022
Economic Activity Index 6.90 8.80 percent Aug 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.30 0.10 16.60 -21.00 1955 - 2022 percent Quarterly
SA

News Stream
UK Economy Shrinks 0.3% in Q3, More than Estimated
The British economy contracted 0.3% on quarter in the three months to September of 2022, slightly more than a preliminary estimate of a 0.2% drop. In September, there was an additional bank holiday for the State Funeral of Queen Elizabeth II, where some businesses closed or operated differently on this day. Household expenditure dropped 1.1%, namely spending in tourism, transport, household goods and services, and food and drinks. Business investment went down 2.5% and inventories fell by £5.2 billion, mainly driven by reductions for retail and manufacturing industries. On the other hand, government expenditure went up 0.5% and government investment surged 17.3%. Also, exports jumped 8.9%, boosted by nonmonetary gold, machinery, transport equipment, and fuels, while imports declined 3.6%, led by chemicals, material and miscellaneous manufactures. The ONS said the figures put Britain bottom in the Group of Seven nations in terms of quarterly economic growth.
2022-12-22
UK GDP Shrinks Less than Expected
The British economy shrank 0.2% on quarter in Q3 2022, the first contraction in 1-1/2-years but lower than market forecasts of a 0.5% drop, preliminary estimates showed. The services sector stalled, driven by a fall in consumer-facing services while the production sector went down 1.5%, a 7th consecutive quarter of losses, including a 2.3% fall in manufacturing and a 1% loss in mining and quarrying. In expenditure terms, household spending went down 0.5%, business investment shrank 0.5% while exports jumped 8% and imports sank 3.2%. Compared to a year earlier, the British economy expanded 2.4%, above forecasts of 2.1%. Figures could point to the beginning of the country’s longest recession since records began, with the Bank of England expecting the economy to contract 0.75% in the second half of 2022 and continue to fall in 2023 and first half of 2024, as high inflation and interest rates weigh sharply on households and businesses.
2022-11-11
UK GDP Avoids Contraction
The British economy unexpectedly expanded 0.2% on quarter in the April-June 2022 period, better than initial estimates of a 0.1% contraction. Services rose 0.2%, revised from initial estimates of a 0.4% drop, due to positive contributions from human health and social work; financial and insurance; and professional, scientific, and technical activities while wholesale and retail trade, and accommodation and food services were revised lower. Meanwhile, production contracted 0.2% (vs -0.5% in early estimates), with manufacturing falling 1.1% and mining 1% while electricity, gas, steam and air conditioning supply went up 3.9%, led by the gas industry. On the expenditure side, household consumption edged 0.1% higher, better than initial estimates of a 0.2% drop while investment fell 1.4%, downwardly revised from a 0.6% growth. Government consumption fell by 1.5%, less than a 2.9% drop initially expected. Also, there was a narrowing in the trade deficit for goods and services.
2022-09-30