UK GDP - Statistics & Facts

In 2022, the gross domestic product of the United Kingdom amounted to approximately 2.2 trillion British pounds, compared with 2.14 trillion pounds in 2021, and 1.99 trillion in 2020. Although the UK economy grew by a four percent in 2021, there was record eleven percent fall in GDP in 2020, which was a direct result of the Coronavirus pandemic. The UK was not alone in this respect; annual GDP growth rates in Europe falling across the continent in 2020. The UK remained the world's fifth-largest economy in 2021, behind the United States, China, Japan, and Germany. As a share of the global economy, however, the UK fell from 2.51 percent in 2017 to 2.33 percent in 2022, with this share expected to fall further in the coming years.

UK economy expected to shrink in 2023

The UK economy experienced such a severe economic shock in 2020 because it was also one of the worst-affected countries, suffering the highest death toll in Europe. The sudden and extensive lockdown that began at the end of March forced the closure of significant parts of the UK economy, resulting in a record 20.9 percent fall in monthly GDP in April. Although GDP growth returned the following month and reached a record growth rate of nine percent in June, the UK economy was still smaller than pre-pandemic levels. A second wave of the virus gripped the UK throughout the winter, resulting in the reintroduction of some restrictions that had been lifted in the summer. GDP growth slowed and even began to reverse again, with a growth rate of -2.5 percent reported in January 2021. As the UK emerged from this slump, however, positive growth returned, and as of early 2023, the UK economy is around the same size as it was prior to the pandemic. Annual GDP growth from 2023 onwards is expected to be slower however, with the economy forecast to shrink by 0.2 percent in 2023, before growing by 1.8 percent in 2024, and 2.5 percent in 2025.

Characteristics of UK GDP

Like many advanced market economies, the United Kingdom is heavily reliant on its service sector, which accounts for over 71 percent of GDP. In terms of gross value added (GVA), the real estate sector had the highest value of any industry, at over 270 billion pounds, followed by wholesale and retail at over 238 billion pounds. On a regional basis, London had a GDP of more than 503.9 billion pounds in 2020 or nearly a quarter of the entire UK economy. When adjusted for GDP per capita, the disparity between London and the UK average was even larger, at 55,974 pounds and 32,141 pounds, respectively. London also had the fastest-growing regional economy in the UK in 2019, with a GDP growth rate of 2.2 percent, compared to the UK average of 1.3 percent, and the West Midlands, which did not grow at all in that year.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by D. Clark, Mar 28, 2023

Key insights

GDP of the UK
2.2 tr GBP
Annual GDP growth rate
4.1%
GDP per capita
32,904 GBP
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Contribution to GDP growth in the UK 2023, by sector

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