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.