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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
United Kingdom GDP Growth Rate by Year (1961-2023)
The UK's GDP growth has witnessed wide swings. The 1960s were marked by steady expansion, but oil shocks and industrial challenges caused recessions in 1974 and 1980. The economy picked up in the late 1980s, peaking at 5.7% in 1988. However, the early 1990s recession and 2008 financial crisis severely impacted growth, with a notable -4.6% contraction in 2009.
In 2020, the pandemic caused an unprecedented -10.4% fall. A strong recovery followed in 2021 with 8.7%, though momentum slowed, registering just 0.1% in 2023 as Brexit and global uncertainties continued to influence economic performance.
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