United Kingdom GDP Growth Rate
Jun 30, 2023
Sep 29, 2023
Time to Release
1 Months 16 Days 5 Hours
|0.58 %||1955-2023||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.
The British economy expanded 0.2% on quarter in Q2 2023, following a 0.1% growth in Q1 and beating forecasts of a flat reading, preliminary estimates showed. Services grew 0.1%, led by motion picture, video, TV programme production, computer programming and food and beverage services, boosted by the good weather and an increase in live events. Also, the production sector rose by 0.7%, with 1.6% growth in manufacturing, led by manufacture of motor vehicles, trailers and semi-trailers. Construction rose 0.3% while mining went down 4.3% due to falls in extraction of crude petroleum and natural gas. On the expenditure side, there was strong growth in household consumption (0.7%) led by transport, recreation and culture, restaurants and hotels and gas. Government consumption surged 3.1%. In contrast, there was no growth in gross fixed capital formation as a 3.4% increase in business investment was offset by a 6.7% fall in government investment. Also, exports fell 2.5% and imports rose 1%.
United Kingdom GDP Growth Rate History
Last 12 readings