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. source: Office for National Statistics

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.10 percent in the fourth quarter of 2024 over the previous quarter. GDP Growth Rate in the United Kingdom averaged 0.58 percent from 1955 until 2024, reaching an all time high of 16.80 percent in the third quarter of 2020 and a record low of -20.30 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 March of 2025.

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.10 percent in the fourth quarter of 2024 over the previous quarter. GDP Growth Rate in the United Kingdom is expected to be 0.30 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 2026 and 0.30 percent in 2027, according to our econometric models.

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Calendar GMT Reference Actual Previous Consensus TEForecast
2024-12-23 07:00 AM QoQ Final Q3 0% 0.4% 0.1% 0.1%
2025-02-13 07:00 AM QoQ Prel Q4 0.1% 0% -0.1% -0.1%
2025-03-28 07:00 AM QoQ Final Q4 0% 0.1% 0.1%


Related Last Previous Unit Reference
GDP Growth Rate YoY 1.40 1.00 percent Dec 2024
GDP Constant Prices 641065.00 640417.00 GBP Million Dec 2024
GDP from Agriculture 4266.00 4241.00 GBP Million Dec 2024
GDP from Construction 35715.00 35553.00 GBP Million Dec 2024
GDP from Manufacturing 51014.00 51387.00 GBP Million Dec 2024
GDP from Mining 8054.00 8261.00 GBP Million Dec 2024
GDP from Public Administration 29908.00 29779.00 GBP Million Dec 2024
GDP from Services 461829.00 461233.00 GBP Million Sep 2024
GDP from Transport 20818.00 20868.00 GBP Million Dec 2024
GDP Growth Rate 0.10 0.00 percent Dec 2024
Gross Fixed Capital Formation 114538.00 115571.00 GBP Million Dec 2024
Gross National Product 702109.00 696603.00 GBP Million Sep 2024

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
0.10 0.00 16.80 -20.30 1955 - 2024 percent Quarterly
SA


News Stream
UK GDP Unexpectedly Grows in Q4
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 f...ifth 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. more
2025-02-13
UK GDP Growth Revised Lower
The British economy stalled in Q3 2024, revised down from the first estimate increase of 0.1% and below a downwardly revised 0.4% in Q2. On the production side, there was no growth in the services sector, revised down 0.1% in the first estimate, with the largest negative contribution coming from fin...ancial and insurance activities (-0.6%). Also, production fell 0.4%, worse than -0.2% in the first estimate, led by a 2% drop in electricity, gas, steam and air conditioning supply. In contrast, construction grew 0.7%, slightly less than an initial 0.8%. On the expenditure side, exports (-0.5% vs -0.2%) and imports (-2.5% vs -1.5%) were revised lower but net trade increased. Household spending growth was unrevised at 0.5%, business investment rose more (1.9% vs 1.2%) but government consumption increased much less than anticipated (0.1% vs 0.6%). These increases were partially offset by a 0.6% fall in gross capital formation, specifically the acquisitions less disposals of valuables. more
2024-12-23
UK GDP Growth Below Forecasts
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. more
2024-11-15