UK: Monthly GDP Growth, by year
MonthMonthly GDP growth,
in %
Jan 240.2
Dec 23-0.1
Nov 230.3
Oct 23-0.3
Sep 230.1
Aug 230.0
Jul 23-0.5
Jun 230.7
May 23-0.3
Apr 230.2
Mar 23-0.3
Feb 230.1
Jan 230.6
Dec 22-0.3
Nov 220.0
Oct 220.8
Sep 22-0.5
Aug 220.1
Jul 220.4
Jun 22-1.0
May 220.7
Apr 22-0.3
Mar 220.1
Feb 220.5
Jan 220.5
Dec 21-0.5
Nov 210.7
Oct 210.3
Sep 210.6
Aug 210.9
Jul 21-0.5
Jun 211.2
May 211.6
Apr 213.7
Mar 212.3
Feb 211.1
Jan 21-2.8
Dec 201.3
Nov 20-2.0
Oct 200.6
Sep 201.3
Aug 203.0
Jul 206.6
Jun 209.7
May 202.1
Apr 20-19.6
Mar 20-7.6
Feb 20-0.4
Jan 200.0
Dec 190.5
Nov 19-0.2
Oct 19-0.1
Sep 190.3
Aug 19-0.3
Jul 190.5
Jun 190.5
May 190.3
Apr 19-0.3
Mar 190.0
Feb 190.7
Jan 190.4
  • Region: United Kingdom
  • Time period: Jan 2019 to Jan 2024
  • Published: Mar 2024

Data Analysis and Insights

Updated: Mar 28, 2024 | Published by: Statistico

Analysis of Monthly GDP Growth Trends

Monthly GDP growth data for the UK over a period starting from January 2019 to January 2024 reveals a series of fluctuations indicative of economic instability, with the most significant drop occurring in April 2020 at -19.6%. This period aligns with the global onset of the COVID-19 pandemic, marking a stark contrast to the peak growth of 9.7% in June 2020 as the economy began to recover.

Post-Pandemic Economic Recovery

The economic recovery post-pandemic shows a gradual stabilization with growth rates normalizing closer to pre-pandemic levels. The largest rebound observed within this dataset is in July 2020, with a monthly GDP growth of 6.6%, followed by a series of high growth rates, culminating in a monthly GDP growth of 3.7% in April 2021, the highest rate post the initial COVID recovery phase.

Yearly Comparison of Economic Performance

Comparing January of each year from 2019 to 2024, there is a notable volatility in growth rates, from a growth of 0.4% in January 2019 to a significant decline of -2.8% in January 2021, and eventually stabilizing to a growth of 0.2% in January 2024. These figures highlight the economic challenges and gradual recovery the UK has faced over these years.

Short-term Economic Fluctuations

Short-term fluctuations within this period also reveal patterns of economic adjustment, with alternating periods of growth and contraction. Notably, the months leading up to January 2024 saw a return to slight growth at 0.2% following a minor contraction of -0.1% in December 2023, indicating ongoing adjustments in the UK economy.

Comparative Analysis of Growth Rates

The dataset shows a trend of recovery and stabilization in the UK's monthly GDP growth rates over the observed period, with a marked decrease in the volatility of growth rates post-pandemic. The data transitions from extreme volatility, with rates as low as -19.6% and as high as 9.7%, to more stable figures, such as the 0.2% growth in January 2024, signaling a return to economic normalcy.

Economic Performance Pre and Post COVID-19

The impact of the COVID-19 pandemic is evident in the GDP growth rates, showcasing an economy that underwent severe contraction followed by rapid growth rates. Before the pandemic, in 2019, monthly growth rates were relatively stable, peaking at 0.7% in February 2019. The post-pandemic period, especially the year 2020, highlights the economic turmoil and subsequent recovery efforts, with monthly GDP growth rates eventually stabilizing.

Frequently Asked Questions

How did the UK's GDP growth rate change over the years?

The UK's GDP growth rate fluctuated from a growth of 0.4% in January 2019 to a decline of -2.8% in January 2021, eventually stabilizing to a growth of 0.2% in January 2024.

Terms and Definitions

This is the total monetary or market value of all the finished goods and services produced within a specific geographical area, usually a country's borders, over a specified period. It serves as a comprehensive measure of a nation's overall economic activity.

This is the percent rate at which a nation's GDP has grown or shrunk in a specific period. It is used to indicate the economic growth or decline of a country.

This is the change in GDP from one month to the next and is typically reported as a percentage. Monthly GDP growth provides a near real-time snapshot of a country's economic activities and performance.

This refers to the change in GDP from one year to the next, usually expressed as a percentage. It is an important indicator of a country's economic performance over a full year.

This is the GDP measured at the current market prices, without adjusting for inflation or deflation. It includes all changes in market prices during the current year due to shifts in both quantities and prices.

Real GDP is a macroeconomic measure of a country's economic output, adjusted for price changes, i.e., inflation or deflation. It provides a more accurate measure of a country's economic output by eliminating the impact of price changes.
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