UK gross domestic product shrank by 1.5 percent on quarter in January to March 2021, ending a two-quarter period of growth and compared with market expectations of 1.6 percent contraction, a preliminary estimate showed. Household consumption and business investment declined as a result of the reintroduction of coronavirus restrictions, while government expenditure increased and the trade balance improved, as imports fell more sharply than exports. In output terms, school closures and a large fall in retail sales earlier in the quarter dragged down GDP growth. The level of GDP in the UK was 8.7 percent below where it was prior to the pandemic at the end of 2019. Compared with the same quarter a year ago, when the initial economic impacts of the COVID-19 pandemic began to show, the UK economy fell by 6.1 percent. source: Office for National Statistics
GDP Growth Rate in the United Kingdom averaged 0.57 percent from 1955 until 2021, reaching an all time high of 16.90 percent in the third quarter of 2020 and a record low of -19.50 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 May of 2021.
GDP Growth Rate in the United Kingdom is expected to be 4.80 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 1.50 in 12 months time. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 0.90 percent in 2022 and 0.50 percent in 2023, according to our econometric models.