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The United Kingdom's economy grew by 0.3 percent in 2023, after a growth rate of 4.8 percent in 2022. 8.6 percent in 2021, and a record 10.3 percent decline in 2020. During the provided time period, the biggest annual fall in gross domestic product before 2020 occurred in 2009, when the UK economy contracted by 4.6 percent at the height of the global financial crisis of the late 2000s. Between 1949 and 2020, the year with the highest annual GDP growth rate was 1973, when the UK economy grew by 6.5 percent.

UK ends 2023 in recession

While the UK economy grew over the whole of 2023, two consecutive quarters of negative growth at the end of the year meant that the UK was officially in recession as it entered 2024. According to forecasts from the Autumn Budget in November 2023, the UK economy is expected to grow by 0.7 percent in 2024 and then by 1.4 percent in 2025. The UK's economic recovery from the COVID-19 pandemic, while initially strong, has stalled recently, primarily due to high inflation driving down consumer spending. Russia's invasion of Ukraine in 2022 added additional upward pressure on energy and food prices, causing inflation to soar to even higher levels. Although the UK labor market has been generally robust since the pandemic, prices rose faster than wages for a long 20-month-period between 2021 and 2023.

UK economy hit hard by COVID-19.

In April 2020, the UK economy shrank by a huge 18.9 percent in a single month, the most significant monthly fall in GDP on record. Although GDP growth returned in the following months, it was not until November 2021 that the UK economy returned to pre-pandemic levels. A similarily severe hit to the UK's labor market was avoided by the UK's extensive furlough scheme, which at its height saw the UK government partly paying the wages of around 8.8 million people. The economic recovery was derailed by a severe wave of the virus in late 2020. Still, by September 2021, the economic picture was normal enough for the furlough scheme to be phased out at the end of that month.

Annual growth of gross domestic product in the United Kingdom from 1949 to 2023

Characteristic	Annual growth
2023	0.3%
2022	4.8%
2021	8.6%
2020	-10.3%
2019	1.6%
2018	1.4%
2017	2.7%
2016	1.9%
2015	2.2%
2014	3.2%
2013	1.8%
2012	1.5%
2011	1.1%
2010	2.2%
2009	-4.6%
2008	-0.2%
2007	2.6%
2006	2.4%
2005	2.7%
2004	2.5%
2003	3.2%
2002	1.8%
2001	2.6%
2000	4.3%
1999	3.1%
1998	3.4%
1997	4.9%
1996	2.6%
1995	2.4%
1994	3.4%
1993	2.3%
1992	0.2%
1991	-1.4%
1990	0.6%
1989	2.4%
1988	5.4%
1987	5.4%
1986	3.1%
1985	4.1%
1984	2.2%
1983	4.2%
1982	2%
1981	-0.7%
1980	-2.1%
1979	3.7%
1978	4.2%
1977	2.5%
1976	3%
1975	-1.5%
1974	-2.5%
1973	6.5%
1972	4.4%
1971	3.6%
1970	2.7%
1969	1.9%
1968	5.5%
1967	2.8%
1966	1.6%
1965	2.1%
1964	5.7%
1963	4.8%
1962	1.1%
1961	2.7%
1960	6.3%
1959	4.3%
1958	1.3%
1957	2%
1956	1.7%
1955	4%
1954	4.4%
1953	5.5%
1952	1.5%
1951	3.7%
1950	3.3%
1949	3.3%

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Release date

November 2024

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Region

United Kingdom

Survey time period

1949 to 2023

Supplementary notes

This statistic is using original data from the Office for National Statistics and includes copyright material from © Crown, licensed under the Open Government License v3.0.

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