United Kingdom GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

1.4

Units In

Frequency

Quarterly

Next Release

Jun 27, 2025

Time to Release

2 Months 26 Days 21 Hours

Highest	Lowest	Average	Date Range	Source
24.6 Jun 2021	-21.2 Jun 2020	2.31 %	1956-2024	Office for National Statistics

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.

Latest Updates

The British economy expanded 1.5% year-on-year in the last quarter of 2024, slightly higher than 1.4% in the initial estimate, and above 1.2% in Q3. It is the strongest annual growth rate in two years. Upward revisions were seen for government spending (2.6% vs 2.1%) fixed investment (2.2% vs 1.7%), due to a 1.8% surge in business investment, compared to initial estimates of a 0.7% decline. On the other hand, household consumption was revised slightly lower (1.2% vs 1.4% in the initial estimate) and both exports (-3.5% vs -4.2%) and imports (5% vs 4.1%) were revised. For the full year 2024, the UK economy expanded by 1.1%, up from 0.9% in the initial estimate and 0.4% in 2023.