Britain's gross domestic product shrank by 6.1 percent year-on-year in the first quarter of 2021, a fifth consecutive period of contraction and in line with market expectations, a preliminary estimate showed. Household consumption dropped 10.4 percent (vs -9.2 percent in Q4) and fixed investment fell 3.7 percent (vs -2.6 percent in Q4). Meanwhile, net external demand contributed positively to the GDP, as exports slumped 12.2 percent and imports declined at a faster 13.6 percent. Public investment, however, grew 4.8 percent, the most since the second quarter of 2019. The level of GDP in the UK was also 8.7 percent below where it was prior to the pandemic at the end of 2019. source: Office for National Statistics
GDP Annual Growth Rate in the United Kingdom averaged 2.22 percent from 1956 until 2021, reaching an all time high of 9.70 percent in the first quarter of 1973 and a record low of -21.40 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 May of 2021.
GDP Annual Growth Rate in the United Kingdom is expected to be 22.50 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 6.80 in 12 months time. In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 1.70 percent in 2023, according to our econometric models.