United Kingdom GDP Growth Rate

Last Release

Jun 30, 2024

Actual

0.6

Units In

0.6

Frequency

Quarterly

Next Release

Dec 23, 2024

Time to Release

1 Months 6 Days 17 Hours

Highest	Lowest	Average	Date Range	Source
17.6 Sep 2020	-19.4 Jun 2020	0.58 %	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 GDP in the UK expanded 0.1% on quarter in Q3 2024, the smallest growth rate in three quarters, below 0.5% in Q2 and forecasts of 0.2%, preliminary estimates showed. The services sector grew by 0.1%, led by professional, scientific and technical activities (0.7%) and wholesale and retail trade (0.6%). Also, construction expanded 0.8% while the production sector fell by 0.2%, largely driven by a 2.7% decline in electricity, gas, steam and air conditioning supply. On the expenditure side, there was an increase in net trade, with exports declining 0.2% and imports falling at a faster 1.5%; household spending (0.5%), mostly housing, miscellaneous, and clothing and footwear; business investment (1.2%); and government consumption (0.6%), particularly education and higher school attendance. These increases were partially offset by a fall in gross capital formation, specifically the acquisitions less disposals of valuables. Year-on-year, the British economy increased 1%, above 0.7% in Q2.