8 | Statistical Review | 2022
GDP Growth and Demand of Oil Products
Percent Change GDP Growth and Demand for Oil Products GDP (CVM SA)
Following the lifting of lockdowns and loosening of coronavirus restrictions, demand and GDP both rebounded substantially in 2021, seeing growth of 4.1% (from 52.3 Mt in 2020 to 54.4 Mt in 2021) and 7.4%, respectively.
Demand
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: ONS / BEIS
Contribution to UK Balance of Payments
Billion £ Contribution to UK Balance of Payments
In 2020, as a result of the global coronavirus pandemic, the UK downstream sector engaged in just £15.1 billion worth of trade, a 45% year-on-year decrease. While the UK remained a net importer of petroleum products, the net negative contribution to balance of payments decreased by 76.2% from £5.3 billion in 2019 to £1.3 billion in 2020.
6
4
2
0
-2
-4
-6
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: BEIS
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