The British economy expanded 0.2% on quarter in Q2 2023, following a 0.1% growth in Q1 and beating forecasts of a flat reading, preliminary estimates showed. Services grew 0.1%, led by motion picture, video, TV programme production, computer programming and food and beverage services, boosted by the good weather and an increase in live events. Also, the production sector rose by 0.7%, with 1.6% growth in manufacturing, led by manufacture of motor vehicles, trailers and semi-trailers. Construction rose 0.3% while mining went down 4.3% due to falls in extraction of crude petroleum and natural gas. On the expenditure side, there was strong growth in household consumption (0.7%) led by transport, recreation and culture, restaurants and hotels and gas. Government consumption surged 3.1%. In contrast, there was no growth in gross fixed capital formation as a 3.4% increase in business investment was offset by a 6.7% fall in government investment. Also, exports fell 2.5% and imports rose 1%. source: Office for National Statistics

GDP Growth Rate in the United Kingdom averaged 0.56 percent from 1955 until 2023, reaching an all time high of 16.60 percent in the third quarter of 2020 and a record low of -21.00 percent in the second quarter of 2020. This page provides the latest reported value for - United Kingdom GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

GDP Growth Rate in the United Kingdom is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 0.40 percent in 2024 and 0.50 percent in 2025, according to our econometric models.

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United Kingdom GDP Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-06-30 06:00 AM QoQ Final Q1 0.1% 0.1% 0.1% 0.1%
2023-08-11 06:00 AM QoQ Prel Q2 0.2% 0.1% 0% 0.1%
2023-09-29 06:00 AM QoQ Final Q2 0.1% 0.2%


Related Last Previous Unit Reference
GDP Growth Rate 0.20 0.10 percent Jun 2023
GDP Annual Growth Rate 0.40 0.20 percent Jun 2023
GDP Constant Prices 559956.00 558812.00 GBP Million Jun 2023
Gross National Product 653676.00 649370.00 GBP Million Mar 2023
Gross Fixed Capital Formation 106647.00 106661.00 GBP Million Jun 2023
GDP from Public Administration 24788.00 24768.00 GBP Million Jun 2023
GDP from Mining 4163.00 4351.00 GBP Million Jun 2023
GDP from Manufacturing 52238.00 51408.00 GBP Million Jun 2023
GDP from Construction 33201.00 33103.00 GBP Million Jun 2023
GDP from Agriculture 3571.00 3565.00 GBP Million Jun 2023
GDP from Transport 17130.00 17295.00 GBP Million Jun 2023
GDP from Services 395231.00 394800.00 GBP Million Jun 2023
Economic Activity Index 6.90 8.80 percent Aug 2021

United Kingdom GDP Growth Rate
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.
Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.10 16.60 -21.00 1955 - 2023 percent Quarterly
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News Stream
UK GDP Growth Beats Forecasts in Q2
The British economy expanded 0.2% on quarter in Q2 2023, following a 0.1% growth in Q1 and beating forecasts of a flat reading, preliminary estimates showed. Services grew 0.1%, led by motion picture, video, TV programme production, computer programming and food and beverage services, boosted by the good weather and an increase in live events. Also, the production sector rose by 0.7%, with 1.6% growth in manufacturing, led by manufacture of motor vehicles, trailers and semi-trailers. Construction rose 0.3% while mining went down 4.3% due to falls in extraction of crude petroleum and natural gas. On the expenditure side, there was strong growth in household consumption (0.7%) led by transport, recreation and culture, restaurants and hotels and gas. Government consumption surged 3.1%. In contrast, there was no growth in gross fixed capital formation as a 3.4% increase in business investment was offset by a 6.7% fall in government investment. Also, exports fell 2.5% and imports rose 1%.
2023-08-11
UK Q1 GDP Growth Confirmed at 0.1%
Britain's quarterly economic growth was confirmed at 0.1 percent in the first quarter of 2023, remaining unchanged from the previous three-month period. This growth was supported by a solid increase in gross fixed capital formation (2.4 percent), which was driven by rising business investment (3.3 percent). However, household consumption remained unchanged as income continued to be squeezed by high inflation. While expenditure on recreation and culture, clothing and footwear, communications, and housing increased, these gains were offset by declines in transport, alcohol, and tobacco. Government spending declined by 1.8 percent, primarily due to lower spending on public administration and defense, as well as on education and health. Lastly, net external demand had a negative impact on GDP, as exports fell by 6.9 percent and imports decreased at a slower rate of 3.8 percent. On a yearly basis, the UK economy expanded by 0.2 percent, which was the lowest growth rate in two years.
2023-06-30
British Economy Expands 0.1%
The British economy expanded 0.1% on quarter in the first three months of 2023, the same as in Q4 2022, and matching market forecasts. The services sector grew 0.1%, led by information and communication (1.2%), and administrative and support service activities (1.3%). Also, the construction sector grew by 0.7% and manufacturing 0.5%, led by basic metals and the manufacture of computer, electronic and optical products. On the other hand, there were decreases in education (-0.7%), health (-0.5%), public administration and defence (-0.7%), and transport and storage (-1%). On the consumption side, household spending showed no growth on the quarter as incomes continue to be squeezed by high inflation, while there was a positive contribution from gross fixed capital formation (1.3%), namely business and government investment. Also, public expenditure went down 2.5%, exports fell 8.1% and imports 7.2%. Britain's economy remained 0.5% smaller than before the coronavirus pandemic.
2023-05-12