United Kingdom GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

Units In

0.9

Frequency

Quarterly

Next Release

Mar 28, 2025

Time to Release

3 Months 1 Days 6 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 0.9% year-on-year in Q3 2024, revised down from 1% in the preliminary estimate, but the highest growth since the first quarter of 2023. Government expenditure rose much less than initially anticipated (0.8% vs 1.8% in the preliminary estimate). In contrast, household spending (1.5% vs 1.2%) and gross fixed capital formation (3.9% vs 3.6%) of which business investment (5.8% vs 4.5%) grew at a faster pace. In addition, exports contracted less than in the preliminary estimate (-0.5% vs -1.3%) and imports rose less (2.8% vs 4.3%).