The British economy contracted by 0.2% year-on-year in the fourth quarter of 2023, marking its first period of shrinkage since the 2020-21 recession, primarily driven by high inflation, soaring borrowing costs, and sluggish external demand. Notably, net trade exerted downward pressure on GDP, with exports plunging by 7.6% for a second consecutive quarter of decline, while imports fell by 1.5%, marking the fourth consecutive quarter of decrease. Meanwhile, household consumption saw a slight increase of 0.3% (vs 0.2% in Q3), and fixed investment grew by 0.5% (vs 0.1% in Q3), bolstered by a notable 2.8% surge in business investment. Furthermore, government consumption growth accelerated to 2.5% from 1.9%. Looking at the full year of 2023, the economy expanded by a meager 0.1%. This followed a robust growth rate of 4.3% in 2022, marking the weakest annual growth since the 2009 financial crisis, excluding the pandemic-hit year of 2020. source: Office for National Statistics

The Gross Domestic Product (GDP) in the United Kingdom contracted 0.20 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in the United Kingdom averaged 2.34 percent from 1956 until 2023, reaching an all time high of 25.70 percent in the second quarter of 2021 and a record low of -21.90 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 March of 2024.

The Gross Domestic Product (GDP) in the United Kingdom contracted 0.20 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in the United Kingdom is expected to be 0.50 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 2.00 percent in 2025 and 1.90 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-02-15 07:00 AM YoY Prel Q4 -0.2% 0.2% 0.1% 0.5%
2024-03-28 07:00 AM YoY Final Q4 -0.2% 0.2% -0.2% -0.2%
2024-05-10 06:00 AM YoY Prel Q1 -0.2% 0.5%


Related Last Previous Unit Reference
GDP Growth Rate YoY -0.20 0.20 percent Dec 2023
GDP Constant Prices 566626.00 568397.00 GBP Million Dec 2023
GDP from Agriculture 2899.00 2893.00 GBP Million Dec 2023
GDP from Construction 32233.00 32653.00 GBP Million Dec 2023
GDP from Manufacturing 49860.00 50331.00 GBP Million Dec 2023
GDP from Mining 3335.00 3439.00 GBP Million Dec 2023
GDP from Public Administration 24972.00 24891.00 GBP Million Dec 2023
GDP from Services 409439.00 410117.00 GBP Million Dec 2023
GDP from Transport 16825.00 16777.00 GBP Million Dec 2023
GDP Growth Rate -0.30 -0.10 percent Dec 2023
Gross Fixed Capital Formation 107170.00 106244.00 GBP Million Dec 2023
Gross National Product 668636.00 671335.00 GBP Million Dec 2023

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
-0.20 0.20 25.70 -21.90 1956 - 2023 percent Quarterly
SA

News Stream
UK GDP Falls 0.2% YoY in Q4
The British economy contracted by 0.2% year-on-year in the fourth quarter of 2023, marking its first period of shrinkage since the 2020-21 recession, primarily driven by high inflation, soaring borrowing costs, and sluggish external demand. Notably, net trade exerted downward pressure on GDP, with exports plunging by 7.6% for a second consecutive quarter of decline, while imports fell by 1.5%, marking the fourth consecutive quarter of decrease. Meanwhile, household consumption saw a slight increase of 0.3% (vs 0.2% in Q3), and fixed investment grew by 0.5% (vs 0.1% in Q3), bolstered by a notable 2.8% surge in business investment. Furthermore, government consumption growth accelerated to 2.5% from 1.9%. Looking at the full year of 2023, the economy expanded by a meager 0.1%. This followed a robust growth rate of 4.3% in 2022, marking the weakest annual growth since the 2009 financial crisis, excluding the pandemic-hit year of 2020.
2024-03-28
UK GDP Shrinks for 1st Time since 2021 in Annual Terms
The British economy went down 0.2% year-on-year in the fourth quarter of 2023, the first contraction since 2021, following a downwardly revised 0.2% growth in the previous period. It compares to market forecasts of a 0.1% rise, preliminary estimates showed. The services sector went down 0.2%, with distribution, hotels and restaurants (-1.7%) falling the most. Construction was also down 1.3% while industrial output edged up 0.1%, with manufacturing rising 1.6%. For 2023 as a whole, the GDP expanded a meager 0.1%.
2024-02-15
UK Annual GDP Growth Revised Lower in Q3
The British economy expanded 0.3% year-on-year in the third quarter of 2023, half the initial estimate of 0.6%, and matching the Q2 growth which was also revised down to 0.3% from 0.6%. Household spending increased 0.7%, the same as in the first estimate while business investment (2.3% vs 2.8%) rose less than expected and exports (-6.8% vs -6.6%) and imports (-0.1% vs 0.1%) contracted. On the other hand, public expenditure was revised sharply higher (2.3% vs 2.8%).
2023-12-22