Uk gdp how much

Weak pound boosting UK tourism industry. UK consumer spending growth 'falls to record low'. Does GDP tell the whole economic story? Image source, Getty Images. What is GDP? What is a recession and how will it affect me? How does GDP affect me? Image source, Reuters. GDP figures are central to the decisions the Chancellor, Rishi Sunak, will make about running the economy.

Where does the government borrow billions from? How is it measured? GDP can be measured in three ways:. Output : The total value of the goods and services produced by all sectors of the economy - agriculture, manufacturing, energy, construction, the service sector and government.

Expenditure: The value of goods and services bought by households and by government, investment in machinery and buildings - this also includes the value of exports, minus imports.

Britain's economy expanded rapidly in the first half of helped by the fast initial roll-out of COVID vaccines. But this has slowed due to a wave of coronavirus cases and global supply chain chaos which in Britain has been exacerbated by new post-Brexit restrictions on trade and immigration.

Growth in the three months to August slowed to its weakest since April at 2. Supply-chain shortages were most visible in construction, where output fell for a second month in a row due to rising costs and shortages of steel, concrete, timber and glass.

The economy is also likely to have taken a further hit in September from temporary shortages of fuel at many petrol stations in England - caused by a lack of tanker drivers - and the impact of a surge in natural gas prices. You can change your cookie settings at any time. It estimates the size of and growth in the economy. This is not the latest release.

View latest release. Contact: Email Ellis Best. Release date: 13 October Next release: 11 November Print this Statistical bulletin. Download as PDF. Gross domestic product GDP is estimated to have grown by 0. Services output grew by 0.

Accommodation and food service activities, and arts, entertainment and recreation contributed most positively to services growth in August , partially offset by falls in health output and retail trade.

Production output increased by 0. Construction contracted, with output down by 0. GDP growth for July has been revised from 0. GDP estimates for August are subject to more uncertainty than usual as a result of the challenges we faced estimating GDP in the current conditions.

Monthly real gross domestic product GDP grew by 0. This is the first release in which July is open for revision, with estimates up to June consistent with revisions introduced as part of the Quarterly national accounts released on 30 September Overall, GDP in August is 0.

Upward revisions to health because of measurement improvements and arts, entertainment and recreation because of new Value Added Tax VAT data are the main reasons for GDP levels now being closer to pre-pandemic levels, compared with previous estimates. Overall, GDP grew by 2. This largely reflects the gradual reopening of accommodation and food service activities and a rise in underlying human health activities for example, more GP appointments compared with the previous three months March to May More about economy, business and jobs.

This follows a fall of 0. Output in consumer-facing services increased by 1. Most of the growth in these services was because of a 5. Growth in consumer-facing services was partially offset by a 0. Overall, consumer-facing services are 4.

Figure 3: Output in consumer-facing services increased by 1. Vertical grey lines represent from left to right : Hospitality reopening on 1 June , outdoor hospitality reopening on 12 April , indoor hospitality reopening on 17 May , and social distancing restrictions easing on 19 July Download this chart Figure 3: Output in consumer-facing services increased by 1. Accommodation and food service activities was the main contributor to services growth in August , growing by There was particularly strong growth in accommodation, which grew by Arts, entertainment and recreation was the second-largest contributor to services growth, growing by 8.

The ONS said the data had been adjusted to take into account of more complete data from the health sector as well as an update of its sources and methodology. Year-on-year, the economy expanded The level of GDP is now 3. UK Economy Expands 4. Household consumption jumped 7. Meanwhile, fixed investment continued to contract In output terms, the largest contributors to this increase were from wholesale and retail trade, accommodation and food service activities, and education.

The level of GDP remained 4. 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.