UK monthly GDP 2024

The economy of the United Kingdom shrank by 0.1 percent in October 2024, after also shrinking by 0.1 percent in September 2024. As of the most recent month, the UK economy is around 3.2 percent larger than it was in February 2020, just before the start of COVID-19 lockdowns. After a record 19.6 percent decline in GDP in April 2020, the UK economy quickly returned to growth in the following months, and grew through most of 2021.

Weak economic growth defines 2023

In December 2023, the UK economy was approximately the same size as it was a year earlier, and has struggled to achieve modest growth for a sustained period of time. Going into 2023, high-energy costs, as well as high interest rates, created an unfavorable environment for UK consumers and businesses. The inflationary pressures that drove these problems have started to subside, however, with inflation falling to 3.9 percent in November 2023 after peaking at 11.1 percent in October 2022. More long-term issues that have troubled the UK economy include low business investment, weak productivity growth, and regional inequality, which will prove much harder to fix.

Cost of living crisis continues into 2024

As of January 2024, just over half of people in the UK reported that their cost of living was higher than it was a year earlier. Although this is a decline from April 2023 when three-quarters of people reported a higher cost of living, high inflation continues to put households under severe pressure. Strong wage growth has only recently started to outpace inflation and despite support packages from the government, soaring energy and food costs have hit the poorest UK households particularly hard. According to recent estimates, living standards in the UK fell by 2.2 percent in 2022/23, and will fall again in 2023/24 and 2024/25, before the situation improves in 2025/26.

Monthly index of gross domestic product in the United Kingdom from January 2019 to October 2024 (2019=100)

Characteristic	GDP index (2019=100)
Jan 19	96.7
Feb 19	97.3
Mar 19	97.3
Apr 19	97
May 19	97.4
Jun 19	97.9
Jul 19	98.2
Aug 19	98
Sep 19	98.5
Oct 19	98.3
Nov 19	98.1
Dec 19	98.5
Jan 20	98.6
Feb 20	98.1
Mar 20	91
Apr 20	73.2
May 20	74.7
Jun 20	81.7
Jul 20	87.1
Aug 20	90
Sep 20	91.3
Oct 20	91.7
Nov 20	89.7
Dec 20	91.1
Jan 21	88.1
Feb 21	89.4
Mar 21	92
Apr 21	95.1
May 21	96.5
Jun 21	97.3
Jul 21	97
Aug 21	97.9
Sep 21	98.5
Oct 21	98.8
Nov 21	99.3
Dec 21	99.2
Jan 22	99.4
Feb 22	100
Mar 22	99.9
Apr 22	99.9
May 22	100.5
Jun 22	99.5
Jul 22	100.1
Aug 22	100.2
Sep 22	99.6
Oct 22	100.5
Nov 22	100.5
Dec 22	100.1
Jan 23	100.3
Feb 23	100.7
Mar 23	100.4
Apr 23	100.5
May 23	100.1
Jun 23	100.8
Jul 23	100.3
Aug 23	100.3
Sep 23	100.4
Oct 23	99.9
Nov 23	100.1
Dec 23	100.1
Jan 24	100.4
Feb 24	100.6
Mar 24	101.1
Apr 24	101
May 24	101.3
Jun 24	101.3
Jul 24	101.2
Aug 24	101.4
Sep 24	101.3
Oct 24	101.2

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Release date

December 2024

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Region

United Kingdom

Survey time period

January 2019 to October 2024

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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