UK GDP growth forecast 2020-2024

As of March 2020, the gross domestic product (GDP) of the United Kingdom is expected to grow by approximately 1.1 percent, which would be the slowest growth in the provided time period. Although forecasts have been relatively accurate at predicting GDP growth, this current data does not yet account for the Coronavirus (Covid-19) pandemic, which will likely see the economy grow at a far slower rate or even contract.

No-deal Brexit and GDP
In the event of a no-deal Brexit, where the United Kingdom leaves the European Union without any sort of agreement then the Gross Domestic Product of the UK could decline by as much as eight percent. In this scenario, the Bank of England has also predicted that the unemployment rate could peak at 7.5 percent, and that house prices could decline by as much as 30 percent.

Recent GDP Growth shows positive signs
Although Brexit has led the United Kingdom into a political crisis, the economy appears to be weathering the storm relatively well.  The most recent data for 2019 has that the pace of economic growth is accelerating. While the employment rate for the first quarter of 2019 is the highest since records began.

Forecasted gross domestic product (GDP) growth in the United Kingdom (UK) from 2020 to 2024

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Sources

Release date

March 2020

Region

United Kingdom

Survey time period

2019

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Statistics on "Gross Domestic Product of the UK"

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