UK GDP expanded 16 percent in the three months to September 2020, revised from the first estimate of 15.5 percent growth and compared with a record 18.8 percent contraction in the previous three-month period. This was the strongest pace of expansion in the economy since the series began in 1955, supported by a recovery in private consumption, government consumption and, to a lesser extent, business investment in line with the easing of lockdown restrictions in the third quarter. Still, the level of UK GDP in the third quarter was 8.6 percent below its pre-pandemic level, revised from the previous estimate of being 9.7 percent lower. Compared with the same quarter a year ago, the UK economy fell by a revised 8.6 percent. source: Office for National Statistics
GDP Growth Rate in the United Kingdom averaged 0.58 percent from 1955 until 2020, reaching an all time high of 16 percent in the third quarter of 2020 and a record low of -18.80 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 December of 2020.
GDP Growth Rate in the United Kingdom is expected to be -2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in the United Kingdom to stand at 1.60 in 12 months time. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 1.00 percent in 2021 and 0.50 percent in 2022, according to our econometric models.