Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
UK GDP - Statistics & Facts
In 2024, the gross domestic product of the United Kingdom amounted to around 2.56 trillion British pounds, compared with 2.54 trillion pounds in 2023, and 2.53 trillion in 2022. Although the UK economy grew in 2024, it has struggled to recover fully from the record 10.3 percent fall in GDP in 2020, which was a direct result of the COVID-19 pandemic. Although the UK is currently the world's sixth-largest economy, behind the United States, China, Japan, Germany, and India, its share of the global economy, has been steadily falling for several years.
UK economic growth since 2023
Although GDP did grow over 2024 and 2023, the UK experienced a recent recession at the end of 2023, due to two quarters of negative growth at the end of the year. In Q3 2023, the economy shrank by approximately 0.1 percent, and then by 0.4 percent in the fourth quarter. While economic growth at the start of 2024 was much stronger, this growth tailed off towards the end of the year. Despite slightly stronger growth forecast for 2025, the UK's growth prospects for the year were downgraded at the time of the Spring Statement. On a monthly basis, the UK's economy grew at the relatively healthy rate of 0.5 percent in February 2025, following zero growth in January, and a growth rate of 0.4 percent in December.Characteristics of UK GDP
Like many advanced market economies, the United Kingdom is heavily reliant on its service sector, which accounts for over 72 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 228 billion pounds. On a regional basis, London had a GDP of more than 569 billion pounds in 2023 or around 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 63,618 pounds and 37,135 pounds, respectively. London however, did not have the fastest-growing regional economy in the UK in 2023, and it experienced a negative GDP growth rate of 0.5 percent, compared to the UK average of 0.3 percent.
