Britain's gross domestic product grew by 22.2 percent year-on-year in the second quarter of 2021, ending a five-quarter period of contraction and remaining broadly in line with market expectations of 22.1 percent, a preliminary estimate showed. That was the fastest pace of expansion on record, reflecting a low base year caused by the coronavirus crisis and the re-opening of the economy following the easing of restrictive measures. Household consumption jumped 20.5 percent (vs -11.0 percent in Q1) and fixed investment climbed 21.4 percent (vs -3.2 percent in Q1). In addition, government spending was up 32.9 (vs 3.7 percent in Q1), while net trade contributed negatively to the GDP as imports jumped 17.2 percent and exports rose 2.2 percent. Still, the level of GDP was 4.4 percent below pre-pandemic levels. source: Office for National Statistics

GDP Annual Growth Rate in the United Kingdom averaged 2.30 percent from 1956 until 2021, reaching an all time high of 22.20 percent in the second quarter of 2021 and a record low of -21.40 percent in the second quarter of 2020. 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 September of 2021.

GDP Annual Growth Rate in the United Kingdom is expected to be 7.80 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 Annual Growth Rate is projected to trend around 3.60 percent in 2022 and 1.70 percent in 2023, according to our econometric models.

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United Kingdom GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
22.20 -6.10 22.20 -21.40 1956 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2021-03-31 06:00 AM YoY Final Q4 -7.3% -8.5% -7.8% -7.8%
2021-05-12 06:00 AM YoY Prel Q1 -6.1% -7.3% -6.1% -5.6%
2021-06-30 06:00 AM YoY Final Q1 -6.1% -7.3% -6.1% -6.1%
2021-08-12 06:00 AM YoY Prel Q2 22.2% -6.1% 22.1% 22.5%
2021-09-30 06:00 AM YoY Final Q2 -6.1% 22.2% 22.2%
2021-11-11 07:00 AM YoY Prel Q3 7.8%
2021-12-22 07:00 AM YoY Final Q3


News Stream
UK GDP Annual Growth at Record High
Britain's gross domestic product grew by 22.2 percent year-on-year in the second quarter of 2021, ending a five-quarter period of contraction and remaining broadly in line with market expectations of 22.1 percent, a preliminary estimate showed. That was the fastest pace of expansion on record, reflecting a low base year caused by the coronavirus crisis and the re-opening of the economy following the easing of restrictive measures. Household consumption jumped 20.5 percent (vs -11.0 percent in Q1) and fixed investment climbed 21.4 percent (vs -3.2 percent in Q1). In addition, government spending was up 32.9 (vs 3.7 percent in Q1), while net trade contributed negatively to the GDP as imports jumped 17.2 percent and exports rose 2.2 percent. Still, the level of GDP was 4.4 percent below pre-pandemic levels.
2021-08-12
UK Economy Contracts for 5th Straight Quarter
Britain's gross domestic product shrank by 6.1 percent year-on-year in the first quarter of 2021, a fifth consecutive period of contraction, as activity and demand fell in response to the tightening of coronavirus restrictions. Household consumption dropped 11.0 percent (vs -9.2 percent in Q4) and fixed investment fell 3.2 percent (vs -2.6 percent in Q4). Meanwhile, net external demand contributed positively to the GDP, as exports slumped 10.8 percent and imports declined at a faster 13.2 percent. Public investment, however, grew 3.7 percent, the most since the second quarter of 2019. The level of GDP in the UK was also 8.8 percent below where it was prior to the pandemic at the end of 2019.
2021-06-30
UK Economy Contracts for 5th Straight Period in Q1
Britain's gross domestic product shrank by 6.1 percent year-on-year in the first quarter of 2021, a fifth consecutive period of contraction and in line with market expectations, a preliminary estimate showed. Household consumption dropped 10.4 percent (vs -9.2 percent in Q4) and fixed investment fell 3.7 percent (vs -2.6 percent in Q4). Meanwhile, net external demand contributed positively to the GDP, as exports slumped 12.2 percent and imports declined at a faster 13.6 percent. Public investment, however, grew 4.8 percent, the most since the second quarter of 2019. The level of GDP in the UK was also 8.7 percent below where it was prior to the pandemic at the end of 2019.
2021-05-12
UK GDP Shrinks Less by 7.8% YoY in Q4
The UK GDP fell 7.3 percent year-on-year in the last three months of 2020, less than preliminary estimates of a 7.8 percent fall. Business investment fell much less than initially estimated (-7.4 percent vs -10.3 percent) and the drop for both exports (-18.9 percent vs -23.5 percent in the preliminary estimate) and imports (-4.7 percent vs -8.9 percent) was revised lower. On the other hand, household spending fell 9.2 percent, the same as in the preliminary estimate. The contraction for 2020 was also revised to 9.8%, from the first estimate of a 9.9% decline.
2021-03-31

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.