The main articles are:
2024: 0.6% growth in Q1
Britain's GDP grew by 0.6% in the first quarter of 2024. The indicator was the best since the end of 2021, when the restrictions imposed during the COVID-19 pandemic were relaxed and exceeded economists' expectations.
At the same time, the economy of this island state is far from prosperous, he wrote. Bloomberg
Britain's economy grew for the second month in a row in February 2024 thanks to growth in the services sector. GDP grew by 0.1%.
2023
The ninth largest PPP GDP in the world
Recession as a result of GDP decline in the last two quarters
Britain fell into recession in the second half of 2023 after the economy shrank by 0.3% in the last quarter. That followed a 0.1% decline in the previous three months.
Britain's GDP contracted by 0.1% in the third quarter of 2023.
The indicator for the II quarter according to official data was 0.0%.
2022
Tenth in the world in GDP by PPP
In August 2023, the World Bank updated its PPP GDP estimates for the world at the end of 2022.
GDP estimate - $3.2 trillion
in
Average annual GDP growth for previous 20 years declines
Citizens refuse to spend less, GDP in November grew by 0.1%
Britain's economy has so far avoided slipping into recession, as consumers continue to spend money amid the worst ever decline in the cost of living. The economy unexpectedly grew in November 2022.
India overtakes Britain in GDP size
In August 2022, it became known that India - the former colony - Britain bypassed it in size. GDP He also bit off Britain and - China he intercepted the remnants of influence in. Hong Kong
GDP decline in Q2 by 0.1%
For the first time since the COVID-19 pandemic, the British economy contracted in the second quarter of 2022, which was caused by a decrease in household spending and spending on the fight against coronavirus.
GDP fell 0.1% after growing 0.8% in the first quarter.
June's data was stronger than expected, but May's was revised lower. A long recession and a sharp rise in inflation are forecast.
GDP dynamics since 1972 Graph
GDP size forecast - $3.4 trillion
2021
Agriculture's share of GDP - 0.7%
GDP growth of 7.5% to $3.11 trillion after crash in previous year, services sector takes 70%
Britain's economic growth in 2021 was 7.5%, the best annual performance since World War II, and made Britain the fastest-growing developed-country economy of 2021.
The services sector accounts for more than 70% of the economy, with the financial sector accounting for almost 30%. Production accounts for only 18-19% of GDP.
Growth in October by 0.2% and in November by 0.9%
In November 2021, Britain's GDP grew by 0.9% compared with October, when it grew by 0.2%, the Office for National Statistics said.
The British Chambers of Commerce said the figures were unlikely to be sustainable and that risks were piling up for the economy.
The growth was driven by a larger-than-expected increase in construction and production volumes. However, economists predict a contraction in December and January due to the outbreak of Covid-19.
6.5% growth forecast
Great Britain In October 2021, Chancellor of the Exchequer Rishi Sunak said the UK economy would achieve its highest growth rate since 1973 this year.
The UK economy, which contracted by almost 10% last year, will grow by 6.5% in 2021, according to a forecast by the independent Office for Budget Responsibility. Compared to the previous forecast of 4%, this is the largest increase since at least the 1980s.
GDP growth forecast by 5%
In early February 2021, the Bank of England lowered its growth forecast GDP Great Britain in 2021 from 7.25% to 5%.
The Bank of banks England is calling for it to start preparing for negative rates if required. The Bank of England, as expected, kept the discount rate at 0.1%.
2020
Strongest fall in GDP since 1709: -11%
The UK economy shrank during the COVID-19 pandemic by a record amount since 1709, when the Great Frost led to a 13.4% reduction in the economy. The figures were revised again in August 2022. The ONS now estimates a fall in the economy in 2020 at 11%, while previously it was 9.3%.
Earlier it was reported that the UK GDP, according to preliminary estimates, in 2020 decreased by 9.9%. In the IV quarter, the decline was 7.8%.
Later, in September 2021, the data were revised: the decline in 2020 ceased to be considered the deepest in 300 years. GDP shrank by 9.69% in 2020, rather than the 9.85% previously estimated, a record decline since 1921.
Earlier in November Great Britain Covid-19 GDP 2020, the Treasury Secretary expected that due to the UK crisis in 2020, 11.3% will decrease. In 2025-2026 Britain's debt will reach 95% of GDP.
Bloomberg Economics estimates that the virus cost Britain £260 billion (360 billion) in 2020. dollars
Over 20 years, Britain's GDP has grown by 85%.
-20.4% decline in GDP in the second quarter
2019: 2nd quarter recession
2018
3.29% of world GDP, 5th in the world
GDP per capita $39,000
2014: Inclusion of spending on prostitutes and drugs in GDP calculation
The official statistics for calculating Britain's GDP since 2014 consider spending on prostitutes and drugs. Moreover, information about this is posted on the official portal of the British government.
The Office for National Statistics has included these costs in a package of updates designed to improve key economic indicators. The amount of spending on final consumption serves as the basis for the preparation of basic statistics on the economy.
An official analysis of the number of prostitutes and drug prices concluded that spending on these illegal activities in Britain brings in up to £10 billion a year in GDP.
2011-2012: Recession for two consecutive quarters for the first time since the 1970s
In the first quarter of 2012 GDP Great Britain , it decreased by 0.2 percent, and in the fourth quarter of 2011 - by 0.3 percent. Thus, the British economy was in a technical recession, and for the second time in three years. The last case of a "double recession" in the country was observed in the 1970s.
See also
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |