Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Thanks! : Gross Domestic Product: q-on-q4 growth rate CVM SA %, View and download all related time series, IHYP: GDP quarterly national accounts time series, IHYP: GDP first quarterly estimate time series, IHYP: Preliminary estimate of GDP time series, GDP first quarterly estimate, UK: April to June 2020. Learn more about how Statista can support your business. If you continue to navigate this website beyond this page, cookies will be placed on your browser. In, IMF. Directly accessible data for 170 industries from 50 countries Profit from additional features by authenticating your Admin account. The GDP value of the United Kingdom represents 2.33 percent of the world economy. UK gross domestic product (GDP) is estimated to have contracted by 19.8% in Quarter 2 (Apr to June) 2020, revised from the initial estimate of a 20.4% fall. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). That’s a massive contrast with the earlier period of history. And what they found is surprising: ‘economic growth’, it turns out, is quite a new thing. See also the links at the end of this guide. Necessary cookies enable core functionality on our website such as security, network management, and accessibility. This chart shows estimates of global GDP per person going back to 1,000 BC. Office for Budget Responsibility, Office for National Statistics (UK). Corporate solution including all features. Hide, Release date: 12 August 2020 This page in: English ; Español; Français; العربية; 中文; GDP growth (annual %) United Kingdom. By clicking ‘Accept recommended settings’ on this banner, you accept our use of optional cookies. 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). Britain's gross domestic product shrank by 1.7 percent year-on-year in the first quarter of 2020, the biggest fall since the third quarter of 2009 and compared with a preliminary estimate of a 1.6 percent slump, due to a widespread disruption to economic activity due to the coronavirus pandemic and the government's efforts to contain it since the second half of March. Please see our, Forecasted gross domestic product (GDP) growth in the United Kingdom (UK) from 2020 to 2024, Gross domestic product per capita in the United Kingdom (UK) 1955-2019, Quarterly GDP per head in the United Kingdom 2000-2020, Quarterly GDP of the United Kingdom 2000-2020, Quarterly GDP growth of the United Kingdom (UK) 2000-2020, Gross domestic product per capita growth in the United Kingdom (UK) 1956-2019, Quarterly GDP per head growth of the United Kingdom (UK) 2000-2020, GDP growth rate in European Union countries in 2019, Gross domestic product (GDP) of the United Kingdom (UK) 2018, by country, GDP of the United Kingdom (UK) 2018, by region, Gross value added to the United Kingdom (UK) in 2018, by area, Gross domestic product (GDP) of England (UK) 2000-2018, Scotland: Gross value added (GVA) from 2000-2018, Gross domestic product (GDP) of Wales 2000-2018, Gross domestic product (GDP) of Northern Ireland 2000-2018, Gross domestic product (GDP) of London (UK) 2000-2018, Gross value added (GVA) of the UK 2018, by sector, Agriculture, forestry and fishing sector: Gross value added (GVA) in the UK 2009-2018, Gross value added of the administrative and support sector in the UK 2009-2018, Gross value added of the accommodation and food service sector in the UK 2009-2018, Gross value added of the construction sector in the United Kingdom 2009-2018, Gross value added of the human health and social work sector in the UK 2009-2018, Gross value added of the education sector in the UK 2009-2018, Gross value added of the real estate sector in the United Kingdom 2009-2018, General government consumption forecast UK 2017-2023, Fuel duty receipts forecast United Kingdom (UK) 2017-2024, Forecasted Bank Rate United Kingdom (UK) 2017-2024, Business investment forecast United Kingdom (UK) 2017-2023, Forecasted change to the soft drinks industry levy United Kingdom 2017-2024, Vehicle excise duties receipts forecast United Kingdom 2017-2024, Public sector net debt (PSND) forecast United Kingdom (UK) 2017-2024, Stamp taxes on shares receipts forecast United Kingdom 2017-2024, Income tax receipts from PAYE forecast United Kingdom (UK) 2017-2024, Forecasted change to annual average earnings UK 2017-2023, Gross domestic product (GDP) index level forecast United Kingdom 2017-2023, Forecasted public sector net borrowing as share of United Kingdom GDP 2018-2023, Petroleum revenue tax receipts forecast United Kingdom (UK) 2017-2024, Forecasted annual change in real household disposable income UK 2017-2023, Forecasted gross domestic product (GDP) per capita United Kingdom (UK) 2016-2021, Onshore corporation tax receipts forecast United Kingdom (UK) 2017-2024, Percentage change of the hourly productivity in Belgium 2018-2025, Household consumption expenditure forecast UK 2018-2023, Industry revenue of “manufacture of chemicals and chemical products“ in France 2012-2024, Industry revenue of “wholesale of electronic, telecommunications equipment“ in Spain 2012-2024. However, forecasting GDP growth is difficult. GDP growth (annual %) - United Kingdom from The World Bank: Data. Britain's gross domestic product slumped by 21.7 percent year-on-year in the second quarter of 2020, the biggest fall since comparable records began in 1956 and compared with market expectations of a 22.4 percent plunge, a preliminary estimate showed. You may disable these by changing your browser settings, but this may affect how the website functions. Direct access to our calendar releases and historical data. Before 1750, it would have taken 6,000 years for the economy to double in size! Since this point in time, the world economy has expanded for nearly the entire time. Corporate solution including all features. Please see our, United Kingdom: Real gross domestic product (GDP) growth rate from 2009 to 2021, Population of the United Kingdom (UK) 2014 to 2024, Population growth in the United Kingdom 2019, Fertility rate in the United Kingdom 2018, Life expectancy in the United Kingdom 2018, Age distribution in the United Kingdom 2009-2019, Median age of the population in the United Kingdom 2015, Gross domestic product (GDP) of the United Kingdom 2021 (in international dollars), United Kingdom's share of global gross domestic product (GDP) 2024, Gross domestic product (GDP) per capita United Kingdom 2024 (in U.S. dollars), Gross domestic product (GDP) growth rate in the United Kingdom 2021, Distribution of GDP across economic sectors in the United Kingdom 2019, Distribution of the workforce across economic sectors in the United Kingdom 2019, Inflation rate in the United Kingdom 2021, National debt of the United Kingdom in relation to gross domestic product (GDP) 2024, Ratio of military expenditure to gross domestic product (GDP) in United Kingdom 2018, Government revenue and spending in the United Kingdom 2024, Ratio of government expenditure to gross domestic product (GDP) in the United Kingdom, Budget balance in the United Kingdom 2024, Budget balance in the United Kingdom in relation to gross domestic product (GDP) 2021, Median age of the population in the top 20 countries 2017, Countries with the largest proportion of global gross domestic product (GDP) 2019, Gross domestic product (GDP) growth forecast in selected countries until 2021, Proportions of economic sectors in GDP in selected countries 2019, Unemployment rates in major industrial and emerging countries 2017, EU 'Brexit' referendum results, by number of votes, Results of the United Kingdom's European Union membership referendum on June 23, 2016, Brexit votes in the United Kingdom by gender 2016, Brexit votes by nation in the United Kingdom 2016, UK: number of counted ballot papers from the EU referendum 2016, by region, Euro to British pound monthly exchange rate 2014-2020, Post-Brexit currency exchange rates of Pound Sterling to Euro, Reaction of stock exchanges to Brexit 2016, New cases of COVID-19 worldwide from January 23 to October 7, 2020, by day, Cumulative cases of COVID-19 worldwide from January 8 to October 7, 2020, by day, Coronavirus (COVID-19) cases, recoveries, and deaths worldwide as of Oct. 7, 2020, Quarterly gross domestic product (GDP) growth rate in the UK 2nd quarter 2020, Export of services from the United Kingdom 2019, Population density in the United Kingdom 2018, Largest cities in the United Kingdom 2011, Monthly unemployment rate in the United Kingdom June 2020, Monthly inflation rate in the United Kingdom August 2020, Trade balance of services in the United Kingdom 2019, Import of services to the United Kingdom 2019, U.S. petroleum net imports from the United Kingdom 2000-2019, UK heat pump market - unit sales 2007-2010, UK domestic construction completions 2004-2014, UK housing: self-build market volume 2006-2013, Number of residential property transactions in the UK 2016-2019, by country, Live music tourist attendance in the United Kingdom (UK) 2018, by region, Acceptability Charlie Hebdo to publish Prophet Mohammed cartoons 2015, Industry revenue of “manufacture of paper and paper products“ in Italy 2012-2024, Bulgaria: animal products export value 2001-2018, United Kingdom: production value of rubber and plastic products 2008-2018, United Kingdom: Real gross domestic product (GDP) growth rate from 2009 to 2021 (compared to the previous year), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre, heavy reliance on revenues coming from London's financial sector. The Bank of England in May also estimated that the full-year contraction for the UK economy in 2020 could be 14 per cent, reflecting a partial recovery in activity in the second half of the year. United Kingdom: Real gross domestic product (GDP) growth rate from 2009 to 2021 (compared to the previous year) [Graph]. In 1950, services accounted for around 50% of total output in the UK; manufacturing, construction and agriculture made up the rest. This means that each generation has been around a third better off than the one before it, on average. Household consumption dropped 25.2 percent and fixed investment slumped 27.0 percent. In your browser settings you can configure or disable this, respectively, and can delete any already placed cookies.