United Kingdom GDP Growth Rate

Last Release

Dec 31, 2024

Actual

0.1

Units In

0.1

Frequency

Quarterly

Next Release

Mar 28, 2025

Time to Release

1 Months 10 Days 17 Hours

Highest	Lowest	Average	Date Range	Source
17.6 Sep 2020	-19.4 Jun 2020	0.57 %	1955-2024	Office for National Statistics

The services sector is the most important and account for 79 percent of United Kingdom's 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. Composition of the GDP on the expenditure side: household consumption (65 percent), government expenditure (20 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 28 percent of GDP while imports account for 30 percent, subtracting 2 percent from GDP.

Latest Updates

The British economy expanded 0.1% on quarter in Q4 2024, following no growth in Q3, and beating forecasts of a 0.1% contraction, according to preliminary estimates. On the production side, the services sector increased by 0.2% and construction grew by 0.5%, while production fell by 0.8%, marking a fifth straight quarter of contraction, largely driven by a 0.7% decline in manufacturing, mostly transport equipment (-2.3%) and pharmaceuticals (-4%) and a 2.5% decline in mining and quarrying. On the expenditure side, exports were down 2.5% mostly due to fuels, and machinery and transport equipment while imports rose 2.1% driven by large movements in non-monetary gold. Also, gross fixed capital formation declined 0.9%, led by transport (-22.9%). These falls were offset by a large increase in change in inventories while government spending increased 0.8%, mainly due to public administration and defence, and higher activity in health. Meanwhile, there was no growth in household expenditure.