Try our corporate solution for free!
(212) 419-8286
hadley.ward@statista.com

UK GDP - Statistics & Facts

In 2020, the gross domestic product of the United Kingdom amounted to approximately 1.96 trillion British pounds, compared with 2.17 trillion pounds in 2019. This significant fall in GDP was due to the UK economy shrinking by 9.8 percent in 2020, which was a direct result of the ongoing Coronavirus pandemic. The UK was not alone in this respect; annual GDP growth rates in Europe fell across the continent in 2020, ranging from 3.4 percent in Ireland (the only economy to report growth) to -10.4 percent in Spain. With an EU average of -6.1 percent, however, it is clear that the UK economy suffered a far sharper contraction than most of Europe. Despite this, the UK remained the world's fifth-largest economy in 2020, behind the United States, China, Japan, and Germany. As a share of the global economy, however, the UK fell from 2.41 percent in 2019 to 2.25 percent in 2020, with this share expected to fall further in the coming years.

The economic impact of the pandemic

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 18.4 percent fall in monthly GDP in April. Although GDP growth returned the following month and reached a record growth rate of 9.2 percent in June, the UK economy was still 15 percent 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 part of the budget for the 2021/22 year, the Office for Budget Responsibility released a GDP growth forecast of four percent for 2021.

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 almost 262 billion pounds, followed by health and social work at almost 195 billion pounds. On a regional basis, London had a GDP of more than 503 billion pounds in 2019 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 56.2 thousand pounds and 33.2 thousand 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.

Key figures

The most important key figures provide you with a compact summary of the topic of "UK GDP" and take you straight to the corresponding statistics.

GDP growth rates

GDP by country

Interesting statistics

In the following 5 chapters, you will quickly find the 55 most important statistics relating to "UK GDP".

UK GDP

Dossier on the topic

All important statistics are prepared by our experts – available for direct download as PPT & PDF!
TOP SELLER

UK GDP - Statistics & Facts

In 2020, the gross domestic product of the United Kingdom amounted to approximately 1.96 trillion British pounds, compared with 2.17 trillion pounds in 2019. This significant fall in GDP was due to the UK economy shrinking by 9.8 percent in 2020, which was a direct result of the ongoing Coronavirus pandemic. The UK was not alone in this respect; annual GDP growth rates in Europe fell across the continent in 2020, ranging from 3.4 percent in Ireland (the only economy to report growth) to -10.4 percent in Spain. With an EU average of -6.1 percent, however, it is clear that the UK economy suffered a far sharper contraction than most of Europe. Despite this, the UK remained the world's fifth-largest economy in 2020, behind the United States, China, Japan, and Germany. As a share of the global economy, however, the UK fell from 2.41 percent in 2019 to 2.25 percent in 2020, with this share expected to fall further in the coming years.

The economic impact of the pandemic

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 18.4 percent fall in monthly GDP in April. Although GDP growth returned the following month and reached a record growth rate of 9.2 percent in June, the UK economy was still 15 percent 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 part of the budget for the 2021/22 year, the Office for Budget Responsibility released a GDP growth forecast of four percent for 2021.

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 almost 262 billion pounds, followed by health and social work at almost 195 billion pounds. On a regional basis, London had a GDP of more than 503 billion pounds in 2019 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 56.2 thousand pounds and 33.2 thousand 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.

Interesting statistics

In the following 5 chapters, you will quickly find the 55 most important statistics relating to "UK GDP".

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Hadley Ward
Hadley Ward
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Ziyan Zhang
Ziyan Zhang
Customer Relations– Contact (Asia)

Mon - Fri, 11:30am - 10pm (IST)

Contact Kisara Mizuno
Kisara Mizuno
Customer Success Manager– Contact (Asia)

Mon - Fri, 9:30am - 5:30pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Catalina Rodriguez
Catalina Rodriguez
Key Account Manager - LAC– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)