United Kingdom GDP Growth Rate  1955-2018 | Data | Chart | Calendar

The British economy grew by 0.5 percent on quarter in the three months to December 2017, beating market expectations of 0.4 percent, the preliminary estimate showed. The expansion was mainly driven by services and manufacturing while construction contracted for the third quarter in a row. GDP Growth Rate in the United Kingdom averaged 0.60 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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UK Q4 GDP Growth Beats Expectations

The British economy grew by 0.5 percent on quarter in the three months to December 2017, beating market expectations of 0.4 percent, the preliminary estimate showed. The expansion was mainly driven by services and manufacturing while construction contracted for the third quarter in a row.

The services aggregate was the main driver of the growth in GDP, growing by 0.6 percent and contributing 0.45 percentage points. Production continued to grow, driven mainly by rising manufacturing, with a rise of 0.6 percent in the fourth quarter, contributing 0.09 percentage points to GDP. However, construction contracted by 1 percent, contributing negative 0.06 percentage points. Agriculture also contracted by 0.4 percent and contributed 0.00 percentage points due to its low industry weight.

Services expanded by 0.6 percent, up from 0.4 percent in the previous period. The business services and finance sector continued to be the main driver of growth in services in the latest quarter (0.8 percent vs 0.7 percent in Q3), mainly boosted by employment activities. Transportation, storage and communication increased by 0.8 percent, after showing no growth in the previous quarter, as warehousing and support activities for transportation rose the most. Distribution, hotels and catering grew by 0.1 percent, after a 0.5 percent advance in the previous three-month period: wholesale trade and retail trade were the largest contributors to growth, increasing by 0.7 percent and 0.4 percent respectively. Government and other services grew by 0.4 percent, after a flat reading in the third quarter, with the largest contributor to this sector being human health activities.

Within production (0.6 percent from 0.3 percent in Q3), manufacturing was the largest contributor to growth (1.3 percent, the same as in Q3). In addition, electricity, gas, steam and air conditioning supply increased by 0.4 percent, compared to 1.4 percent in Q3; and water supply, sewerage, waste management and remediation activities rebounded by 0.3 percent from a 0.5 percent contraction in the previous period. However, mining and quarrying fell by 3.9 percent, compared to a 2.9 percent growth in Q3, due to the well-publicised shut down of the Forties oil pipeline for a large part of December 2017.

Construction output was estimated to have decreased by 1 percent during the fourth quarter, following contraction in the previous two periods.

Compared with the same quarter of 2016, the economy grew 1.5 percent, also better than market expectations of 1.4 percent.

In 2017 as a whole, the GDP grew by 1.8 percent, compared to 1.9 percent in 2016, the slowest since 2012.

ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
1/26/2018 9:56:26 AM

Calendar GMT Actual Previous Consensus TEForecast
2017-11-23 09:30 AM GDP Growth Rate QoQ 2nd Est 0.4% 0.3% 0.4% 0.4%
2017-12-22 09:30 AM GDP Growth Rate QoQ Final 0.4% 0.3% 0.4% 0.4%
2018-01-26 09:30 AM GDP Growth Rate QoQ Prel 0.5% 0.4% 0.5% 0.5%
2018-02-22 09:30 AM GDP Growth Rate QoQ 2nd Est 0.4% 0.5% 0.5%
2018-03-29 08:30 AM GDP Growth Rate QoQ Final 0.4%
2018-04-27 08:30 AM GDP Growth Rate QoQ Prel 0.50%

United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.50 0.40 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.50 1.70 9.70 -5.90 percent [+]
GDP 2647.90 2885.57 3074.36 72.33 USD Billion [+]
GDP Constant Prices 493158.00 490704.00 493158.00 109967.00 GBP Million [+]
Gross National Product 498854.00 493706.00 498854.00 4755.00 GBP Million [+]
Gross Fixed Capital Formation 82349.00 82142.00 82349.00 13824.00 GBP Million [+]
GDP per capita 41602.98 41183.93 41602.98 13869.06 USD [+]
GDP per capita PPP 38901.05 38509.21 38901.05 26388.08 USD [+]
GDP From Agriculture 2633.00 2644.00 2851.00 2041.00 GBP Million [+]
GDP From Construction 27557.00 27832.00 28049.00 19565.00 GBP Million [+]
GDP From Manufacturing 44567.00 44007.00 45025.00 38738.00 GBP Million [+]
GDP From Mining 5083.00 5286.00 11610.00 4478.00 GBP Million [+]
GDP From Public Administration 19756.00 19729.00 22885.00 19467.00 GBP Million [+]
GDP From Services 350470.00 348492.00 350470.00 175893.00 GBP Million [+]
GDP From Transport 19227.00 19039.00 19553.00 9851.00 GBP Million [+]

United Kingdom GDP Growth Rate

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 February of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.40 5.00 -2.70 1955 - 2017 percent Quarterly

GDP growth rate by Country
Country Last
United States 2.60 Dec/17
China 1.60 Dec/17
India 1.60 Sep/17
Turkey 1.20 Sep/17
Russia 1.08 Jun/17
Mexico 1.00 Dec/17
Netherlands 0.80 Dec/17
Spain 0.70 Dec/17
Australia 0.60 Sep/17
Euro Area 0.60 Dec/17
France 0.60 Dec/17
Germany 0.60 Dec/17
Switzerland 0.60 Sep/17
United Kingdom 0.50 Dec/17
Canada 0.40 Sep/17
Italy 0.30 Dec/17
Brazil 0.10 Sep/17
Japan 0.10 Dec/17
South Korea -0.20 Dec/17
Indonesia -1.70 Dec/17