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

1 Months 6 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 GDP in the UK expanded 1% year-on-year in the third quarter of 2024, the strongest growth rate in seven quarters, compared to 0.7% in Q2 and in line with market expectations, preliminary estimates showed. Household spending rose 1.2%, compared to a flat reading in Q2; and gross fixed capital formation grew faster (3.6% vs 0.7%) of which business investment (4.5% vs 0.2%). Government expenditure also remained robust (1.8% vs 2.1%), while exports contracted (-1.3% vs -2.9%) and imports rose at a faster pace (4.3% vs 3.3%).