United Kingdom GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

0.9

Units In

0.2

Frequency

Quarterly

Next Release

Dec 23, 2024

Time to Release

2 Months 19 Days 7 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 0.7% year-on-year in the second quarter of 2024, revised lower from 0.9% in the first estimate, but remaining the highest growth rate since Q3 2022. Gross fixed capital formation (0.7% vs 2.8% in the initial estimate), household (0% vs 1.6%) and government (2.1% vs 5.6%) spending expanded less than previously estimated while exports declined more (-2.9% vs -1.1%) and imports rose at a faster pace (3.3% vs 3.1%). Compared to the previous quarter, the economy expanded 0.5%, revised down from 0.6% in the first estimate.