Gross Domestic Product (GDP): Key Economic Indicators

GDP is estimated to have been flat (0.0% growth) in July-September 2023 (Quarter 3) compared to the previous three-month period (April-June). The services sector fell by 0.1% in Quarter 3, while construction grew by 0.1% and production was flat.

GDP grew by an estimated 0.2% in September compared to August, which followed growth of 0.1% in August.

The services sector also grew by 0.2% in September. Construction grew by 0.4% but production was flat.

In cash terms, GDP was £2,506 billion in 2022.

GDP growth forecasts

In their March 2023 Economic and fiscal outlook, the Office for Budget Responsibility’s (OBR) GDP growth forecast was -0.2% in 2023 and 1.8% in 2024.

The Treasury’s November 2023 survey of independent forecasts showed an average forecast of 0.5% for 2023 and 0.4% for 2024.