The British economy expanded 0.4% year-on-year in the second quarter of 2023, following a 0.2% rise in the first three months of the year, and beating forecasts of a 0.2% growth, preliminary estimates showed. On the production side, the services sector rose 0.5% (vs 0.7% in Q1) manufacturing rebounded (0.8% vs -1.8%) while mining declined (-12.7% vs -11.5%). On the expenditure side, household consumption rose 0.7% (vs 0.2% in Q1), government spending rebounded (2.6% vs -2.2%) and gross fixed capital formation rose faster (3.8% vs 1.5%). Meanwhile, exports were down 1.1% and imports declined 6%. source: Office for National Statistics

GDP Annual Growth Rate in the United Kingdom averaged 2.23 percent from 1956 until 2023, reaching an all time high of 24.40 percent in the second quarter of 2021 and a record low of -22.60 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 August of 2023.

GDP Annual Growth Rate in the United Kingdom is expected to be -0.60 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 1.00 percent in 2024 and 1.50 percent in 2025, according to our econometric models.

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United Kingdom GDP Annual Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-06-30 06:00 AM YoY Final Q1 0.2% 0.6% 0.2% 0.2%
2023-08-11 06:00 AM YoY Prel Q2 0.4% 0.2% 0.2% 0.1%
2023-09-29 06:00 AM YoY Final Q2 0.2% 0.4%


Related Last Previous Unit Reference
GDP Growth Rate 0.20 0.10 percent Jun 2023
GDP Annual Growth Rate 0.40 0.20 percent Jun 2023
GDP Constant Prices 559956.00 558812.00 GBP Million Jun 2023
Gross National Product 653676.00 649370.00 GBP Million Mar 2023
Gross Fixed Capital Formation 106647.00 106661.00 GBP Million Jun 2023
GDP from Public Administration 24788.00 24768.00 GBP Million Jun 2023
GDP from Mining 4163.00 4351.00 GBP Million Jun 2023
GDP from Manufacturing 52238.00 51408.00 GBP Million Jun 2023
GDP from Construction 33201.00 33103.00 GBP Million Jun 2023
GDP from Agriculture 3571.00 3565.00 GBP Million Jun 2023
GDP from Transport 17130.00 17295.00 GBP Million Jun 2023
GDP from Services 395231.00 394800.00 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
0.40 0.20 24.40 -22.60 1956 - 2023 percent Quarterly
SA

News Stream
UK GDP Rises 0.4% YoY in Q2
The British economy expanded 0.4% year-on-year in the second quarter of 2023, following a 0.2% rise in the first three months of the year, and beating forecasts of a 0.2% growth, preliminary estimates showed. On the production side, the services sector rose 0.5% (vs 0.7% in Q1) manufacturing rebounded (0.8% vs -1.8%) while mining declined (-12.7% vs -11.5%). On the expenditure side, household consumption rose 0.7% (vs 0.2% in Q1), government spending rebounded (2.6% vs -2.2%) and gross fixed capital formation rose faster (3.8% vs 1.5%). Meanwhile, exports were down 1.1% and imports declined 6%.
2023-08-11
UK GDP Annual Growth Weakest in 2 Years
The gross domestic product in the United Kingdom grew by 0.2 percent during the first quarter of 2023, the weakest pace of expansion in two years, as rising borrowing costs and stubbornly high inflation impacted activity and demand. Household consumption and gross fixed capital formation rose by 0.2 percent and 1.5 percent, respectively. Both measures increased the least since the 2020-21 pandemic-induced recession. Additionally, government spending contracted for a fourth straight quarter (-2.2 percent). Net external demand contributed positively to the GDP as exports rose 6.6 percent, and imports fell 6.5 percent.
2023-06-30
UK GDP Rises 0.2% YoY in Q1
The British economy expanded 0.2% year-on-year in the first quarter of 2023, the smallest annual growth rate since 2021, and compared to 0.6% in the previous period. Figures came in line with market expectations. The services sector increased 0.7%, with transportation, storage and communication rising the most (2%). Also, the construction sector grew 4.5%. On the other hand, production shrank 2.6%, with manufacturing declining 1.9%.
2023-05-12