UK

Nominal GDP totalled £2112 billion in the UK economy in 2020, after being hit by the massive pandemic-induced contraction in growth. The UK population was estimated at 67.9m in 2020 according to the IMF, while the United States is the UK’s biggest trade partner (Office for National Statistics).

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 hard copy and pdf version of the publication, we also show selected “comparison forecasters”  including the Office for Budget Responsibility (OBR), IMF, OECD, and European Commission. The table below shows a small example set of forecasts for GDP growth and Consumer Prices (CPI), taken from our survey of March 2021.

UK Consensus Forecasts March 2021 Survey

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:

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.  

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.
Selected historical data for UK is shown in the table below: UK Economic Data

Download a Recent Sample Copy

If you would like to view an entire copy of our G7 and Western Europe publication, containing forecasts for the UK and the 24 other featured economies, please click on the link below.