The British economy contracted 21.5 percent year-on-year in the second quarter of 2020, slightly less than initial estimates of a 21.7 percent drop. Still, it is the biggest contraction since comparable records began in 1956 and the second consecutive quarterly decline in GDP, officially entering a recession, amid a widespread disruption to economic activity due to the coronavirus pandemic and the government's efforts to contain it. Fixed investment fell 26.1 percent, below a 27 percent drop in the preliminary estimates while household spending sank at a faster 26.2 percent (vs 25.2 percent).
GDP Annual Growth Rate in the United Kingdom averaged 2.33 percent from 1956 until 2020, reaching an all time high of 9.70 percent in the first quarter of 1973 and a record low of -21.50 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 October of 2020. source: Office for National Statistics
GDP Annual Growth Rate in the United Kingdom is expected to be -6.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in the United Kingdom to stand at 7.50 in 12 months time. In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 3.20 percent in 2021 and 2.00 percent in 2022, according to our econometric models.