United Kingdom GDP Growth Rate

Last Release

Sep 30, 2024

Actual

0.1

Units In

0.6

Frequency

Quarterly

Next Release

Mar 28, 2025

Time to Release

3 Months 1 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
17.6 Sep 2020	-19.4 Jun 2020	0.58 %	1955-2024	Office for National Statistics

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.

Latest Updates

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 financial 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.