United Kingdom GDP Annual Growth Rate
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The British economy expanded 0.3% year-on-year in the third quarter of 2023, half the initial estimate of 0.6%, and matching the Q2 growth which was also revised down to 0.3% from 0.6%.Household spending increased 0.7%, the same as in the first estimate while business investment (2.3% vs 2.8%) rose less than expected and exports (-6.8% vs -6.6%) and imports (-0.1% vs 0.1%) contracted.On the other hand, public expenditure was revised sharply higher (2.3% vs 2.8%).
source:
Office for National Statistics
The Gross Domestic Product (GDP) in the United Kingdom expanded 0.30 percent in the third quarter of 2023 over the same quarter of the previous year.GDP Annual Growth Rate in the United Kingdom averaged 2.35 percent from 1956 until 2023, reaching an all time high of 25.70 percent in the second quarter of 2021 and a record low of -21.90 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 December of 2023.
The Gross Domestic Product (GDP) in the United Kingdom expanded 0.30 percent in the third quarter of 2023 over the same quarter of the previous year.GDP Annual Growth Rate in the United Kingdom is expected to be 0.10 In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 1.00 percent in 2024 and 1.50 percent in 2025, according to our econometric models.
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Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-11-10
07:00 AM
YoY Prel
Q3
0.6%
0.6%
0.5%
0.6%
2023-12-22
07:00 AM
YoY Final
Q3
0.3%
0.3%
0.6%
0.6%
2024-02-09
07:00 AM
YoY Prel
Q4
Related
Last
Previous
Unit
Reference
GDP Growth Rate
-0.10
0.00
percent
Sep 2023
GDP Annual Growth Rate
0.30
0.30
percent
Sep 2023
GDP Constant Prices
570880.00
571043.00
GBP Million
Sep 2023
Gross National Product
664776.00
655033.00
GBP Million
Jun 2023
Gross Fixed Capital Formation
107176.00
109370.00
GBP Million
Sep 2023
GDP from Transport
16942.00
17162.00
GBP Million
Jun 2023
GDP from Services
411498.00
411502.00
GBP Million
Jun 2023
GDP from Public Administration
24665.00
24653.00
GBP Million
Jun 2023
GDP from Mining
3490.00
3534.00
GBP Million
Jun 2023
GDP from Manufacturing
50168.00
49256.00
GBP Million
Jun 2023
GDP from Construction
32658.00
32573.00
GBP Million
Jun 2023
GDP from Agriculture
2890.00
2889.00
GBP Million
Jun 2023
Economic Activity Index
6.90
8.80
percent
Aug 2021
United Kingdom GDP Annual Growth Rate
GDP 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.
Actual
Previous
Highest
Lowest
Dates
Unit
Frequency
0.30
0.30
25.70
-21.90
1956 – 2023
percent
Quarterly
SA
Compare
GDP Annual Growth Rate by Country
News Stream
UK Annual GDP Growth Revised Lower in Q3
The British economy expanded 0.3% year-on-year in the third quarter of 2023, half the initial estimate of 0.6%, and matching the Q2 growth which was also revised down to 0.3% from 0.6%.Household spending increased 0.7%, the same as in the first estimate while business investment (2.3% vs 2.8%) rose less than expected and exports (-6.8% vs -6.6%) and imports (-0.1% vs 0.1%) contracted.On the other hand, public expenditure was revised sharply higher (2.3% vs 2.8%).
2023-12-22
UK GDP Grows 0.6% YoY in Q3
The British economy expanded 0.6% year-on-year in the third quarter of 2023, the same as in Q2, and slightly above forecasts of 0.5%.Household spending increased at a faster pace (0.7% vs 0.2% in Q2) while a slowdown was seen in public expenditure (0.1% vs 1.3%) and business investment (2.8% vs 9.2%).
At the same time, exports contracted (-6.6% vs 3.2%) while imports rebounded (0.1% vs -2.5%).
However, it is important to note that in Q3 2022, there was an additional bank holiday for the State Funeral of Her Majesty Queen Elizabeth II and many businesses closed or operated differently on this day.
2023-11-10
UK Q2 GDP Annual Growth Revised Up to 0.6%
The gross domestic product in the United Kingdom grew by 0.6% year-on-year during the second quarter of 2023, up from a preliminary estimate of 0.4% and following an upwardly revised 0.5% expansion in the previous period.Household consumption rose by 0.2% (vs.0.0% in Q1), and gross fixed capital formation advanced by 4.6% (vs.3.9%), driven by a 9.2% surge in business investment.In addition, government consumption rebounded by 1.3% after two periods of contraction, and net trade contributed positively to GDP, as exports rose by 3.2%, and imports declined by 2.5%.
2023-09-29
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