In 2023, the Gross Value Added (GVA) for the UK's Wholesale and Retail Trade, Transport, Accommodation, and Food Service Activities stood at 393 billion pounds sterling. Over the forecast period from 2024 to 2028, the GVA is expected to increase from 407.16 billion pounds to 462.85 billion pounds. This demonstrates a consistent year-on-year growth, with a noticeable annual growth rate of approximately 3-4%.
The compound annual growth rate (CAGR) over this five-year period is projected to be around 3.5%. This positive growth reflects a robust expansion in these sectors, fueled by increasing consumer demand and ongoing developments in transport and accommodation.
Future trends to watch for include:
- Impact of technological innovations in retail and transport that could spur efficiency gains.
- Shifts in consumer behavior post-recovery from the pandemic affecting accommodation and food services.
- Potential regulatory changes and economic conditions post-Brexit that could influence trade dynamics and growth prospects in the UK.