United Kingdom GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

1.4

Units In

Frequency

Quarterly

Next Release

Mar 28, 2025

Time to Release

1 Months 10 Days 17 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 UK economy grew by 1.4% year-on-year in the fourth quarter of 2024, accelerating from an upwardly revised 1.0% expansion in the previous quarter and surpassing market expectations of 1.1%, a preliminary estimate showed. It was the fastest GDP growth since Q4 2022, driven primarily by increased household consumption (1.4% vs 1.3% in Q3) and a rise in government spending (2.1% vs 0.9%). However, fixed investment growth slowed to 1.7% (vs 3.5% in Q3) due to a 0.7% decline in business investment. Net trade also weighed on GDP, as exports plunged 4.2% while imports rose 4.1%. For the full year 2024, the UK economy expanded by 0.9%, up from 0.4% growth in 2023.