GDP Growth Annual

GDP is probably the most important economic indicator as to the shape of a national economy. GDP is the total market value of all final goods and services that have been produced in a country within a given period of time, usually a year. Rising figures of gross domestic product growth rate are positive and supportive for the economy and the local currency reflecting an expanding and growing economy.
The GDP growth annual in the UK has been declining in the recent years after having peaked in year 2014 with a figure of 3.07%. In years 2015, 2016 and 2017 the figures for the annual growth rate in the UK were 2.19%, 1.81% and 1.66% respectively. For the year 2018 the forecast is also for a decline, the fourth consecutive one, with a figure of 1.5%. However as Brexit develops, from year 2019 an increase in the annual growth rate for GDP in the UK is expected, as in 2019 the forecast is for a figure of 1.56%, and for years 2020-2022 the forecast is for figures in the range 1.72%-1.73%.
Low unemployment rate, increased industrial, constructions, manufacturing and services economic activity and higher retail sales, can all influence positively the GDP growth rate. It is noteworthy that in year 2016 Britain and Germany were the fastest growing economies in the G7 group, but in year 2017 the GDP growth rate continued to slow. GDP Annual Growth Rate in the United Kingdom averaged 2.45 percent from 1956 until 2017, reaching an all-time high of 9.70 percent in the first quarter of 1973 and a record low of -5.90 percent in the first quarter of 2009.