Nominal GDP for the UK was $3,685bn in 2024, up from $3,422bn in 2023. The UK population was estimated at 69.1m in 2024 according to the IMF, while the United States is the UK’s biggest trading partner.
Variables Surveyed for the United Kingdom
Variables covered in our monthly analysis of the UK include:
- Gross Domestic Product
- Household Consumption
- Gross Fixed Investment
- Company Trading Profits
- Manufacturing Production
- Retail Prices (RPI-X)
- Consumer Prices (CPI)
- Output Prices
- Average Earnings
- Unemployment Rate
- Current Account
- Public Sector Net Cash Requirement
- Interest rates
- Monetary Policy Evaluation
- Pound Currency Forecasts
Consensus Forecasts for the UK
Individual panellist forecasts are shown for each of the variables surveyed, along with the consensus (mean) forecast. The rows of forecasts are ranked by the GDP growth estimate for the current year, highest to lowest. In the PDF version of the publication, we also show selected “comparison forecasters” including the Office for Budget Responsibility (OBR), IMF and OECD. The example below is an illustrative historical survey snapshot from September 2022, showing how individual forecasts and the consensus are presented.
Source: Consensus Forecasts – G-7 and Western Europe, September 2022
Special Surveys
In addition to the regular surveys for the variables listed above we also undertake a number of Special Surveys for the UK on topics such as:- Quarterly Forecasts
- Long-Term 5 and 10 Year Forecasts
- Economic Policy Evaluation
- Trends in Productivity and Wages
- Corporate Profits and Real Interest Rates
- Forecast Probabilities
Main Data Sources for the UK
- Office for National Statistics: The ONS is recognised as the national statistical institute and publishes statistics on the economy, population and society.
- Bank of England: The UK's central bank, whose main aim is to promote monetary and financial stability.
Comprehensive Forecasts Coverage
Consensus Economics has collected forecasts for more than 30 years, building up a comprehensive catalogue of historical forecasts data. Please enquire at editors@consensuseconomics.com should you wish to find out more about these data offerings, pricing and the different platforms by which you can access them.Explore forecasts across G7 & Western Europe
Alongside this country forecast, explore the other economies covered by our G7 & Western Europe forecast publication.