Gross Domestic Product (GDP): Key Economic Indicators

GDP grew by 1.1% in September-November 2021 compared to the previous three-month period (June-August), and grew by 0.9% in November 2021 compared to October. November GDP was 0.7% above levels in February 2020. This was the first month that GDP has been above its pre-pandemic level.

Output in all sectors grew in November, by 0.7 in services, 1.0% in production and 3.5% in construction. Services and construction were both 1.3% above their pre-pandemic February 2020 levels, but production remained 2.6% below.

In the latest calendar quarter (July-September 2021), GDP increased by 1.1% compared to the previous quarter.

In cash terms, GDP was £2,153 billion in 2020.

Forecasts

In their October 2021 Economic and fiscal outlook, the Office for Budget Responsibility’s (OBR) forecast was 6.5% in 2021 and 6.0% in 2022.

The Treasury’s December 2021 survey of independent forecasts showed an average forecast of 7.0% for 2021 and 4.7% for 2022.