Gross Domestic Product (GDP): Key Economic Indicators

GDP grew by 0.2% in February-April 2022 compared to the previous three-month period (November-January) but fell by 0.3% in April compared to March. This followed a fall of 0.1% in March. April GDP was 0.9% above pre-pandemic levels in February 2020.

Each of the main sectors contributed negatively to April’s fall. The services sector fell by 0.3%, production fell by 0.6% and construction fell by 0.4%.

In the latest calendar quarter (January-March 2022), GDP grew by 0.8% compared to the previous quarter.

In cash terms, GDP was £2,317 billion in 2021.

Forecasts

In their March 2022 Economic and fiscal outlook, the Office for Budget Responsibility’s (OBR) forecast was 3.8% in 2022 and 1.8% in 2023.

The Treasury’s June 2022 survey of independent forecasts showed an average forecast of 3.6% for 2022 and 0.9% for 2023.