United Kingdom GDP Growth Rate
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The United Kingdom’s quarterly economic growth was confirmed at 0.2% during the second quarter of 2023, following an upwardly revised expansion of 0.3% in the previous three-month period.Household consumption rose by 0.5% (vs.0.7% in Q1), driven by spending on housing, water, electricity, gas, transport, and recreation and culture.Additionally, fixed investment advanced by 0.8% (vs.2.5%) on the back of a 4.1% increase in business investment, and government consumption expenditure rose by 2.5% (vs.-1.2%), mainly reflecting higher spending on public administration and defense, and to a lesser extent, on health.
On the other hand, net trade contributed negatively to GDP as exports dropped by 0.9% and imports rebounded by 2.2%.
source:
Office for National Statistics
The Gross Domestic Product (GDP) in the United Kingdom expanded 0.20 percent in the second quarter of 2023 over the previous quarter.GDP Growth Rate in the United Kingdom averaged 0.58 percent from 1955 until 2023, reaching an all time high of 16.80 percent in the third quarter of 2020 and a record low of -20.30 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 November of 2023.
The Gross Domestic Product (GDP) in the United Kingdom expanded 0.20 percent in the second quarter of 2023 over the previous quarter.
GDP Growth Rate in the United Kingdom is expected to be 0.10 United Kingdom GDP Growth Rate is projected to trend around 0.40 percent in 2024 and 0.50 percent in 2025, //tradingeconomics.com/embed/?s=ukgrybzq&v=202311031149v20230410&w=850&h=400&h=300&w=600&ref=/united-kingdom/gdp-
Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-08-11
06:00 AM
QoQ Prel
Q2
0.2%
0.1%
0%
0.1%
2023-09-29
06:00 AM
QoQ Final
Q2
0.2%
0.3%
0.2%
0.2%
2023-11-10
07:00 AM
QoQ Prel
Q3
0.2%
-0.1%
0.0%
Related
Last
Previous
Unit
Reference
GDP Growth Rate
0.20
0.30
percent
Jun 2023
GDP Annual Growth Rate
0.60
0.50
percent
Jun 2023
GDP Constant Prices
571043.00
569973.00
GBP Million
Jun 2023
Gross National Product
664776.00
655033.00
GBP Million
Jun 2023
Gross Fixed Capital Formation
109370.00
108477.00
GBP Million
Jun 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 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
0.20
0.30
16.80
-20.30
1955 – 2023
percent
Quarterly
SA
Compare
GDP Growth Rate by Country
News Stream
UK Q2 GDP Growth Confirmed at 0.2%
The United Kingdom’s quarterly economic growth was confirmed at 0.2% during the second quarter of 2023, following an upwardly revised expansion of 0.3% in the previous three-month period.
Household consumption rose by 0.5% (vs.0.7% in Q1), driven by spending on housing, water, electricity, gas, transport, and recreation and culture.
Additionally, fixed investment advanced by 0.8% (vs.2.5%) on the back of a 4.1% increase in business investment, and government consumption expenditure rose by 2.5% (vs.-1.2%), mainly reflecting higher spending on public administration and defense, and to a lesser extent, on health.On the other hand, net trade contributed negatively to GDP as exports dropped by 0.9% and imports rebounded by 2.2%.
2023-09-29
UK GDP Growth Beats Forecasts in Q2
The British economy expanded 0.2% on quarter in Q2 2023, following a 0.1% growth in Q1 and beating forecasts of a flat reading, preliminary estimates showed.Services grew 0.1%, led by motion picture, video, TV programme production, computer programming and food and beverage services, boosted by the good weather and an increase in live events.Also, the production sector rose by 0.7%, with 1.6% growth in manufacturing, led by manufacture of motor vehicles, trailers and semi-trailers.
Construction rose 0.3% while mining went down 4.3% due to falls in extraction of crude petroleum and natural gas.
On the expenditure side, there was strong growth in household consumption (0.7%) led by transport, recreation and culture, restaurants and hotels and gas.Government consumption surged 3.1%.In contrast, there was no growth in gross fixed capital formation as a 3.4% increase in business investment was offset by a 6.7% fall in government investment.
Also, exports fell 2.5% and imports rose 1%.
2023-08-11
UK Q1 GDP Growth Confirmed at 0.1%
Britain’s quarterly economic growth was confirmed at 0.1 percent in the first quarter of 2023, remaining unchanged from the previous three-month period.This growth was supported by a solid increase in gross fixed capital formation (2.4 percent), which was driven by rising business investment (3.3 percent).
However, household consumption remained unchanged as income continued to be squeezed by high inflation.While expenditure on recreation and culture, clothing and footwear, communications, and housing increased, these gains were offset by declines in transport, alcohol, and tobacco.
Government spending declined by 1.8 percent, primarily due to lower spending on public administration and defense, as well as on education and health.Lastly, net external demand had a negative impact on GDP, as exports fell by 6.9 percent and imports decreased at a slower rate of 3.8 percent.On a yearly basis, the UK economy expanded by 0.2 percent, which was the lowest growth rate in two years.
2023-06-30
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