UK GDP expanded 16 percent in the three months to September 2020, revised from the first estimate of 15.5 percent growth and compared with a record 18.8 percent contraction in the previous three-month period. This was the strongest pace of expansion in the economy since the series began in 1955, supported by a recovery in private consumption, government consumption and, to a lesser extent, business investment in line with the easing of lockdown restrictions in the third quarter. Still, the level of UK GDP in the third quarter was 8.6 percent below its pre-pandemic level, revised from the previous estimate of being 9.7 percent lower. Compared with the same quarter a year ago, the UK economy fell by a revised 8.6 percent. source: Office for National Statistics

GDP Growth Rate in the United Kingdom averaged 0.58 percent from 1955 until 2020, reaching an all time high of 16 percent in the third quarter of 2020 and a record low of -18.80 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 2021.

GDP Growth Rate in the United Kingdom is expected to be -2.00 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 1.60 in 12 months time. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 1.00 percent in 2021 and 0.50 percent in 2022, according to our econometric models.

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United Kingdom GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
16.00 -18.80 16.00 -18.80 1955 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-08-12 06:00 AM QoQ Prel Q2 -20.4% -2.2% -20.5% -20.4%
2020-09-30 06:00 AM QoQ Final Q2 -19.8% -2.5% -20.4% -20.4%
2020-11-12 07:00 AM QoQ Prel Q3 15.5% -19.8% 15.8% 15.5%
2020-12-22 07:00 AM QoQ Final Q3 16% -18.8% 15.5% 15.5%
2021-02-12 07:00 AM QoQ Prel Q4 16% -2%
2021-03-31 06:00 AM QoQ Final Q4 16% -2%
2021-05-12 06:00 AM QoQ Prel Q1 -2.6%
2021-06-30 06:00 AM QoQ Final Q1 -2.6%


News Stream
UK Q3 GDP Growth Revised Higher to 16%
UK GDP expanded 16 percent in the three months to September 2020, revised from the first estimate of 15.5 percent growth and compared with a record 18.8 percent contraction in the previous three-month period. This was the strongest pace of expansion in the economy since the series began in 1955, supported by a recovery in private consumption, government consumption and, to a lesser extent, business investment in line with the easing of lockdown restrictions in the third quarter. Still, the level of UK GDP in the third quarter was 8.6 percent below its pre-pandemic level, revised from the previous estimate of being 9.7 percent lower. Compared with the same quarter a year ago, the UK economy fell by a revised 8.6 percent.
2020-12-22
UK Economy Grows by Record 15.5% in Q3
UK GDP expanded 15.5 percent in the three months to September 2020, partially recovering from a record contraction of 19.8 percent seen in the previous period and compared with market expectations of a 15.8 percent growth, a preliminary estimate showed. This was the strongest pace of expansion in the economy since the series began in 1955, reflecting the continued easing of lockdown restrictions as well as some recovery of activity from the steep contraction in April. Household consumption increased 18.3 percent (vs -26.3 percent in Q2) driven by higher spending on restaurants and hotels and transport, and gross fixed capital formation rose 15.1 percent (vs -21.6 percent in Q2) boosted by dwellings investment and business investment. Still, household consumption and business investment remained well below pre-pandemic levels. Public spending advanced 7.8 percent (vs -14.6 percent in Q2), while net external demand contributed negatively to the GDP as imports rose more than exports.
2020-11-12
UK Economy Shrinks Slightly Less than Initial Estimates
The British economy shrank 19.8 percent on quarter in the three months to June of 2020, slightly less than a preliminary estimate of a 20.4 percent drop. Still, it remains the biggest contraction ever and 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. Gross fixed capital formation fell less than initially anticipated (-21.6 percent vs -25.5 percent) while both household consumption (-23.6 percent vs -23.1 percent) and government spending (-14.6 percent vs -14 percent) sank more. Private consumption accounted for more than three-quarters of the fall in GDP, reflecting the implementation of public health restrictions, the mandated closures of non-essential shops and forms of social distancing. Net external demand contributed positively as imports (-22.7 percent) fell more than exports (-11 percent).
2020-09-30
UK Economy Enters Steep Recession in Q2
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.
2020-08-12

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.