United Kingdom GDP Growth Rate  1955-2017 | Data | Chart | Calendar

The UK economy advanced 0.2 percent on quarter in the three months to March of 2017, below the preliminary estimate of 0.3 percent, mainly due to broad-based downward revisions within the services sector. On the expenditure side, household spending slowed while business investment rebounded. Compared with the first quarter of 2016, the GDP grew by 2 percent, also below a flash figure of 2.1 percent. GDP Growth Rate in the United Kingdom averaged 0.61 percent from 1955 until 2017, reaching an all time high of 5 percent in the first quarter of 1973 and a record low of -2.70 percent in the first quarter of 1974.

United Kingdom GDP Growth Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2017-03-31 08:30 AM Q4 0.7% 0.5% 0.7% 0.7%
2017-04-28 08:30 AM Q1 0.3% 0.7% 0.4% 0.5%
2017-05-25 08:30 AM Q1 0.2% 0.7% 0.3% 0.3%
2017-06-30 08:30 AM Q1 0.7% 0.2% 0.2%
2017-07-26 08:30 AM Q2 0.4%
2017-08-24 08:30 AM Q2 0.4%




UK Q1 GDP Growth Revised Down To 0.2%


The UK economy advanced 0.2 percent on quarter in the three months to March of 2017, below the preliminary estimate of 0.3 percent, mainly due to broad-based downward revisions within the services sector. On the expenditure side, household spending slowed while business investment rebounded.

From the expenditure side, the positive contribution to GDP came from gross capital formation (1.2 percentage points) and household final consumption expenditure (0.2 percentage points). In contrast, net trade subtracted 1.4 percentage points from the growth.

Gross fixed capital formation grew by 1.2 percent (from 0.1 percent in Q4 2016), boosted by a rebound in business investment (0.6 percent from -0.9 percent in Q4) amid positive contributions from other machinery and intellectual property products; partly offset by other buildings and structures. Also, government spending expanded by 0.8 percent after showing no growth in Q4; while household expenditure advanced by only 0.3 percent, the lowest quarter-on-quarter growth since Q4 2014, after rising by 0.7 percent in the previous period.

Imports jumped 2.7 percent following a 1 percent decline in the previous period, with a notable contribution from transport equipment, machinery and chemicals; while exports shrank 1.6 percent after climbing by 4.6 percent in Q4. As a result, the trade deficit widened to £16.4 billion from £10.0 billion in Q4. 

From the production side, the service industries increased by 0.2 percent following a 0.8 percent gain in Q4. The main contributor to the slowdown in services was the distribution, hotels and restaurants sector, which decreased by 0.6 percent (2 percent in Q4), dragged by retail trade and accommodation services partly due to rising prices. Also, the transport, storage and communications industries decreased by 0.2 percent (0.8 percent in Q4). Meanwhile, output rose for business services and finances (0.6 percent from 0.5 percent in Q4) and government and other services (0.4 percent from 0.3 percent). Industrial output increased by 0.1 percent (0.4 percent in Q4), as output expanded for: manufacturing (0.3 percent from 1.2 percent in Q4); mining and quarrying, including oil and gas extraction (1.8 percent from -6.9 percent); and water supply and sewerage (0.7 percent from 0.9 percent). By contrast, output from electricity, gas, steam and air conditioning supply fell 4.3 percent (from 4 percent in Q4). Construction output advanced by 0.2 percent, following a 1 percent gain the previous period; and agriculture grew 0.3 percent, after a 1 percent growth in Q4.

Compared with the first quarter of 2016, the GDP grew by 2 percent, also below a flash figure of 2.1 percent.

ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
5/25/2017 9:10:46 AM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.20 0.70 5.00 -2.70 percent [+]
GDP Annual Growth Rate 2.00 1.90 9.80 -6.10 percent [+]
GDP 2861.10 2998.83 3063.01 72.33 USD Billion [+]
GDP Constant Prices 471388.00 470527.00 471388.00 107263.00 GBP Million [+]
Gross National Product 492534.00 482206.00 492534.00 4748.00 GBP Million [+]
Gross Fixed Capital Formation 78993.00 78054.00 80420.00 13405.00 GBP Million [+]
GDP per capita 41182.60 40620.02 41182.60 13868.61 USD [+]
GDP per capita PPP 38509.21 37983.13 38509.21 26388.08 USD [+]
GDP From Agriculture 3111.00 3101.00 3267.00 2350.00 GBP Million [+]
GDP From Construction 26634.00 26573.00 26634.00 20035.00 GBP Million [+]
GDP From Manufacturing 41817.00 41591.00 43548.00 37451.00 GBP Million [+]
GDP From Mining 7404.00 7309.00 16722.00 6493.00 GBP Million [+]
GDP From Public Administration 18903.00 18933.00 22274.00 18888.00 GBP Million [+]
GDP From Services 337881.00 336908.00 337881.00 171542.00 GBP Million [+]
GDP From Transport 18280.00 18160.00 18739.00 9402.00 GBP Million [+]


United Kingdom GDP Growth Rate Notes

The Services sector is the most important and accounts for 79 percent to total GDP. The biggest segments within Services are: government, education and health (19 percent of total GDP); real estate (12 percent); professional, scientific and technical activities and administrative and support services (12 percent); wholesale and retail trade (11 percent); and financial and insurance (8 percent). Industry accounts for 21 percent of the GDP and the largest segments within this sector are: manufacturing (10 percent of total GDP) and construction (6 percent). The Agriculture sector accounts for only 1 percent of GDP. Composition of the GDP on the expenditure side: household consumption (65 percent), government expenditure (20 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 28 percent of GDP while imports account for 30 percent, subtracting 2 percent from GDP. This page provides the latest reported value for - United Kingdom GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on June of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.70 5.00 -2.70 1955 - 2017 percent Quarterly



gdp growth rate by Country

Last
India 1.50 Mar/17
Turkey 1.40 Mar/17
China 1.30 Mar/17
United States 1.20 Mar/17
South Korea 1.10 Mar/17
Brazil 1.00 Mar/17
Canada 0.90 Mar/17
Spain 0.80 Mar/17
Mexico 0.70 Mar/17
Euro Area 0.60 Mar/17
Germany 0.60 Mar/17
France 0.50 Mar/17
Italy 0.40 Mar/17
Netherlands 0.40 Mar/17
Australia 0.30 Mar/17
Japan 0.30 Mar/17
Switzerland 0.30 Mar/17
United Kingdom 0.20 Mar/17
Indonesia -0.34 Mar/17
Russia -0.57 Sep/15