The British economy expanded 0.1% on quarter in the first three months of 2023, the same as in Q4 2022, and matching market forecasts. The services sector grew 0.1%, led by information and communication (1.2%), and administrative and support service activities (1.3%). Also, the construction sector grew by 0.7% and manufacturing 0.5%, led by basic metals and the manufacture of computer, electronic and optical products. On the other hand, there were decreases in education (-0.7%), health (-0.5%), public administration and defence (-0.7%), and transport and storage (-1%). On the consumption side, household spending showed no growth on the quarter as incomes continue to be squeezed by high inflation, while there was a positive contribution from gross fixed capital formation (1.3%), namely business and government investment. Also, public expenditure went down 2.5%, exports fell 8.1% and imports 7.2%. Britain's economy remained 0.5% smaller than before the coronavirus pandemic. source: Office for National Statistics

GDP Growth Rate in the United Kingdom averaged 0.56 percent from 1955 until 2023, reaching an all time high of 16.60 percent in the third quarter of 2020 and a record low of -21.00 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 June of 2023.

GDP Growth Rate in the United Kingdom is expected to be 0.30 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 Growth Rate is projected to trend around 0.40 percent in 2024 and 0.50 percent in 2025, according to our econometric models.

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United Kingdom GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-03-31 06:00 AM QoQ Final Q4 0.1% -0.1% 0% 0.0%
2023-05-12 06:00 AM QoQ Prel Q1 0.1% 0.1% 0.1% 0.1%
2023-06-30 06:00 AM QoQ Final Q1 0.1% 0.1% 0.1%


Related Last Previous Unit Reference
GDP Growth Rate 0.10 0.10 percent Mar 2023
GDP Annual Growth Rate 0.20 0.60 percent Mar 2023
GDP Constant Prices 558705.00 558005.00 GBP Million Mar 2023
Gross National Product 649370.00 630040.00 GBP Million Dec 2022
Gross Fixed Capital Formation 105511.00 104129.00 GBP Million Mar 2023
GDP from Transport 17322.00 17489.00 GBP Million Mar 2023
GDP from Services 394727.00 394370.00 GBP Million Mar 2023
GDP from Public Administration 24760.00 24937.00 GBP Million Mar 2023
GDP from Mining 4367.00 4597.00 GBP Million Mar 2023
GDP from Manufacturing 51345.00 51089.00 GBP Million Mar 2023
GDP from Construction 33203.00 32964.00 GBP Million Mar 2023
GDP from Agriculture 3566.00 3564.00 GBP Million Mar 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
0.10 0.10 16.60 -21.00 1955 - 2023 percent Quarterly
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News Stream
British Economy Expands 0.1%
The British economy expanded 0.1% on quarter in the first three months of 2023, the same as in Q4 2022, and matching market forecasts. The services sector grew 0.1%, led by information and communication (1.2%), and administrative and support service activities (1.3%). Also, the construction sector grew by 0.7% and manufacturing 0.5%, led by basic metals and the manufacture of computer, electronic and optical products. On the other hand, there were decreases in education (-0.7%), health (-0.5%), public administration and defence (-0.7%), and transport and storage (-1%). On the consumption side, household spending showed no growth on the quarter as incomes continue to be squeezed by high inflation, while there was a positive contribution from gross fixed capital formation (1.3%), namely business and government investment. Also, public expenditure went down 2.5%, exports fell 8.1% and imports 7.2%. Britain's economy remained 0.5% smaller than before the coronavirus pandemic.
2023-05-12
UK Q4 GDP Growth Revised Slightly Higher
The United Kingdom economy expanded slightly by 0.1 percent on quarter in the final three months of 2022, revised from a first estimate of no growth and following a 0.1 percent contraction in the previous period. Household consumption grew by 0.2 percent (-0.3 percent in Q3), driven by higher spending on net tourism, transport and housing and despite the stubbornly high inflation and rising borrowing costs. There was also higher investment spending (0.3 percent vs 1.1 percent) and higher government consumption (0.5 percent vs 0.8 percent), which was partially offset by businesses de-stocking their levels of inventories and a decline in the volume of net trade. On a yearly basis, the economic growth slowed sharply to 0.6 percent in the fourth quarter, the weakest pace of expansion a 7.7 percent contraction in the first quarter of 2021.
2023-03-31
British Economy Stalls in Q4
The British economy stalled in the last quarter of 2022, following a downwardly revised 0.2% fall in the previous period, and narrowly escaping a recession. Figures came in line with market expectations, preliminary estimates showed. The services sector slowed to flat output driven by falls in the education, and transport and storage sub-sectors. Also, growth of 0.3% in construction was offset by a 0.2% fall in the production sector. On the expenditure side, growth in household expenditure (0.1%), government expenditure (0.8%) and gross fixed capital formation (1.5%) was offset by a fall in international trade flows. Exports declined 1% while imports were up 1.5%. Figures also showed businesses were de-stocking their levels of inventories in the final quarter of the year. The level of quarterly GDP is now 0.8% below its pre-coronavirus level. Considering full 2022, the British economy expanded 4%, following a 7.6% increase in 2021.
2023-02-10