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.