GDP First Quarterly Estimate, UK: October To December 2020

12th February 2021

UK gross domestic product (GDP) in Quarter 4 (Oct to Dec) 2020 is estimated to have grown by 1.0%, following revised 16.1% growth in Quarter 3. Despite two consecutive quarters of growth, the level of GDP in the UK is 7.8% below its Quarter 4 2019 level.

Over the year 2020 as a whole, GDP contracted by 9.9%, marking the largest annual fall in UK GDP on record.

In Quarter 4 2020, there have been increases in services, production and construction output, although the output of these industries remained below their Quarter 4 2019 (pre-pandemic) levels.

There has been a further recovery in government consumption and, to a lesser extent, business investment in Quarter 4 2020 reflecting the easing of public health restrictions, however, the levels remain below their pre-lockdown level

Read the report HERE