United Kingdom GDP (QoQ) ECONOMICS:GBGDPQQ
Great Britain officially entered in Recession due to Two Consecutive Negative Quarters.
The British economy contracted 0.3% on quarter in Q4 2023,
following a 0.1% decline in Q3,
worse than market forecasts of a 0.1% fall, preliminary estimates showed.
The economy entered recess
Key data points
Last release
—
Observation period
Q4 2024
Next release
—
Forecast
—
Highest
16.80 % on Sep 30, 2020
Lowest
−20.30 % on Jun 30, 2020
About United Kingdom GDP Growth Rate
The services sector is the most important and account for 79 percent of United Kingdom's GDP. The biggest segments within services are: government, education and health (19 percent of total GDP); real estate (12 percent); professional, scientific and technical activities and administrative and support services (12 percent); wholesale and retail trade (11 percent); and financial and insurance (8 percent). Industry accounts for 21 percent of the GDP and the largest segments within this sector are: manufacturing (10 percent of total GDP) and construction (6 percent). The Agriculture sector accounts for only 1 percent of GDP. Composition of the GDP on the expenditure side: household consumption (65 percent), government expenditure (20 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 28 percent of GDP while imports account for 30 percent, subtracting 2 percent from GDP.