The UK's economy shrank by 0.3% in the final quarter of 2023, entering a technical recession for the first time since the aftermath of the COVID-19 outbreak in the initial half of 2020, as high inflation, record borrowing costs, and weak external demand weighed on demand and activity. Household consumption declined by 0.1% (vs -0.9% in Q3) due to lower spending on recreation and culture, household goods and services, transport, and clothing and footwear. Additionally, net trade contributed negatively to GDP as exports fell more than imports, along with inventory changes. On the other hand, fixed investment rose by 0.9%, rebounding from two periods of declines, boosted by increases in other buildings and transport. Finally, government consumption edged up 0.1%, marking a third period of growth, driven by higher spending on public administration and defense, which offset lower activity in education and health. On a yearly basis, the UK economy contracted by 0.2% in the fourth quarter. source: Office for National Statistics
The Gross Domestic Product (GDP) in the United Kingdom contracted 0.30 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in the United Kingdom averaged 0.58 percent from 1955 until 2023, 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 April of 2024.
The Gross Domestic Product (GDP) in the United Kingdom contracted 0.30 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in the United Kingdom is expected to be 0.20 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 0.50 percent in 2025 and 0.40 percent in 2026, according to our econometric models.