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

The UK economy advanced 0.3 percent on quarter in the three months to June of 2017, unrevised from the preliminary estimate and following a 0.2 percent expansion in the previous period. There was relatively strong growth in government spending and investment, while household consumption rose at softer pace and business investment stalled. 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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UK Q2 GDP Growth Rate Confirmed at 0.3%


The UK economy advanced 0.3 percent on quarter in the three months to June of 2017, unrevised from the preliminary estimate and following a 0.2 percent expansion in the previous period. There was relatively strong growth in government spending and investment, while household consumption rose at softer pace and business investment stalled.

From the expenditure side, the positive contribution to GDP came from government spending (0.1 percentage points), gross capital formation (0.1 percentage points) and household final consumption expenditure (0.1 percentage points); while net trade had no contribution to growth.

Government spending expanded by 0.6 percent (0.7 percent in Q1 2017), with healthcare being the largest contributor while public administration expenditure fell. Gross fixed capital formation grew by 0.7 percent (1 percent in Q1). The sectors contributing to GFCF growth were general government, public sector dwellings and private sector transfer costs, while business investment stalled. Meanwhile, household expenditure advanced by only 0.1 percent, the lowest quarter-on-quarter growth since Q4 2014, after rising by 0.4 percent in the previous period. The slowdown was driven by a decline in growth in household expenditure on transport, including motor cars. Household expenditure on transport declined by 2.2 percent compared with a relatively strong Q1 performance, where transport grew by 1.4 percent. 

Imports of goods increased by 0.4 percent (2.1 percent in Q1) and those of services by 1.8 percent (0.4 percent in Q1). Exports of goods also increased, by 1.5 percent (1.8 percent in Q1), but exports of services decreased by 0.4 percent (-4.1 percent in Q1). As a result, the trade deficit widened slightly to £13.8 billion from £13.7 billion in Q1. 

From the production side, the services industries were the only positive contributor to output GDP growth, at 0.4 percentage points, while production and construction both fell and together detracted around 0.1 percentage points from growth.

The services industries increased by 0.5 percent following a 0.1 percent gain in Q1. The largest contribution came from distribution, hotels and restaurants (0.9 percent from -0.6 percent in Q1) with retail trade except of motor vehicles and motor cycles providing most of this increase. Also, upward contribution came from: Transport, storage and communications (1.2 percent from -0.8 percent); business services and finances (0.3 percent from 0.5 percent); and government and other services (0.4 percent, the same as in Q1). Industrial output contracted by 0.3 percent (0.1 percent in Q1): The greatest decrease was in manufacturing, the largest component of production (-0.6 percent from 0.3 percent), followed by electricity, gas, steam and air conditioning supply (-0.2 percent from -4.2 percent). These decreases were moderated by an increase in mining and quarrying (0.4 percent from 1.5 percent) and water supply and sewerage (0.1 percent from 1 percent). Construction output shrank by 1.3 percent, following a 1.1 percent gain the previous period.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/24/2017 9:13:28 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-06-30 08:30 AM GDP Growth Rate QoQ Final 0.2% 0.7% 0.2% 0.2%
2017-07-26 08:30 AM GDP Growth Rate QoQ Prel 0.3% 0.2% 0.3% 0.4%
2017-08-24 08:30 AM GDP Growth Rate QoQ 2nd Est 0.3% 0.2% 0.3% 0.3%
2017-09-29 08:30 AM GDP Growth Rate QoQ Final 0.2% 0.3% 0.3%
2017-10-25 08:30 AM GDP Growth Rate QoQ Prel 0.3%
2017-11-28 09:30 AM GDP Growth Rate QoQ 2nd Est 0.3%


United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.30 0.20 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.70 2.00 9.80 -6.10 percent [+]
GDP 2618.89 2861.09 3063.01 72.33 USD Billion [+]
GDP Constant Prices 472939.00 471524.00 472939.00 107263.00 GBP Million [+]
Gross National Product 494149.00 492534.00 494149.00 4748.00 GBP Million [+]
Gross Fixed Capital Formation 79434.00 78855.00 80420.00 13405.00 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 3123.00 3110.00 3267.00 2350.00 GBP Million [+]
GDP From Construction 26611.00 26637.00 26637.00 20035.00 GBP Million [+]
GDP From Manufacturing 41517.00 41736.00 43548.00 37451.00 GBP Million [+]
GDP From Mining 7357.00 7444.00 16722.00 6493.00 GBP Million [+]
GDP From Public Administration 18896.00 18925.00 22274.00 18888.00 GBP Million [+]
GDP From Services 339098.00 337630.00 339098.00 171542.00 GBP Million [+]
GDP From Transport 18219.00 18292.00 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 September of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.30 0.20 5.00 -2.70 1955 - 2017 percent Quarterly



gdp growth rate by Country

Last
Indonesia 4.00 Jun/17
United States 3.00 Jun/17
Turkey 2.10 Jun/17
China 1.70 Jun/17
India 1.50 Mar/17
Netherlands 1.50 Jun/17
Canada 1.10 Jun/17
Spain 0.90 Jun/17
Australia 0.80 Jun/17
Euro Area 0.60 Jun/17
Germany 0.60 Jun/17
Japan 0.60 Jun/17
Mexico 0.60 Jun/17
South Korea 0.60 Jun/17
France 0.50 Jun/17
Italy 0.40 Jun/17
Switzerland 0.30 Jun/17
United Kingdom 0.30 Jun/17
Brazil 0.20 Jun/17
Russia -0.57 Sep/15