Britain's quarterly economic growth was confirmed at 0.2 percent in the three months to December 2018, below the previous three-month period's revised figure of 0.7 percent. Household consumption and government spending supported the expansion, while gross capital formation and net trade contributed negatively to GDP growth. GDP Growth Rate in the United Kingdom averaged 0.60 percent from 1955 until 2018, 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.

GDP Growth Rate in the United Kingdom is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in the United Kingdom to stand at 0.30 in 12 months time. In the long-term, the United Kingdom GDP Growth Rate is projected to trend around 0.60 percent in 2020, according to our econometric models.

United Kingdom GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-09 09:30 AM GDP Growth Rate QoQ Prel 0.6% 0.4% 0.6% 0.7%
2018-12-21 09:30 AM GDP Growth Rate QoQ Final 0.6% 0.4% 0.6% 0.6%
2019-02-11 09:30 AM GDP Growth Rate QoQ Prel 0.2% 0.6% 0.2% 0.3%
2019-03-29 09:30 AM GDP Growth Rate QoQ Final 0.2% 0.7% 0.2% 0.2%
2019-05-10 08:30 AM GDP Growth Rate QoQ Prel 0.2% 0.4%
2019-06-28 08:30 AM GDP Growth Rate QoQ Final 0.2% 0.4%
2019-08-09 08:30 AM GDP Growth Rate QoQ Prel 0.3%



UK Q4 GDP Growth Confirmed at 0.2%

Britain's quarterly economic growth was confirmed at 0.2 percent in the three months to December 2018, below the previous three-month period's revised figure of 0.7 percent. Household consumption and government spending supported the expansion, while gross capital formation and net trade contributed negatively to GDP growth.

Household consumption growth eased to a year-low of 0.3 percent in the fourth quarter from 0.4 percent in the previous period. Spending on housing and household goods and services were the main drivers in the latest quarter. In addition, public spending rebounded firmly (1.3 percent vs -0.1 percent in Q3), with a significant contribution from increased defence spending.

By contrast, gross fixed capital formation dropped 0.6 percent (vs 0.9 percent in Q3), as business investment contracted for the fourth consecutive quarter, the first such instance since 2009, driven mainly by declines in transport equipment as well as IT equipment and other machinery. Also, there was a £4.2 billion increase in inventories, including alignment adjustments and balancing adjustments. However, excluding these adjustments the estimates show a slight decrease of £1.2 billion in stocks being held by UK companies.

Net external demand contributed negatively to the GDP growth as the trade deficit widened to £6.9 billion from £6.1 billion in the previous period. Exports of goods and services rose 1.6 percent (vs 0.9 percent in Q3) and imports rose at a faster 2.1 percent (vs 0.7 percent in Q3).

From the production side, services output increased 0.5 percent, easing from 0.6 percent in the previous period, amid Brexit-related concerns. However, industrial production declined 0.8 percent (vs 0.6 percent in Q3), with a fall in output recorded across all four main areas of production, and construction output shrank 0.5 percent (vs 1.8 percent in Q3).

Year-on-year, the economy expanded 1.4 percent in the fourth quarter, compared to a preliminary estimate of 1.3 and the previous period's figure of 1.6 percent. Considering 2018 full year, the GDP grew 1.4 percent, slower than 1.8 percent in 2017.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/29/2019 4:43:54 PM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.20 0.70 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.40 1.60 9.70 -6.10 percent [+]
GDP 2622.43 2650.85 3074.36 72.33 USD Billion [+]
GDP Constant Prices 511482.00 510346.00 511482.00 111480.00 GBP Million [+]
Gross National Product 527584.00 525092.00 527584.00 4755.00 GBP Million [+]
Gross Fixed Capital Formation 85462.00 85884.00 86673.00 13572.00 GBP Million [+]
GDP per capita 42514.49 42039.74 42514.49 13827.45 USD [+]
GDP per capita PPP 39753.24 39309.33 39753.24 26454.41 USD [+]
GDP From Agriculture 2884.00 2866.00 3074.00 2214.00 GBP Million [+]
GDP From Construction 28286.00 28441.00 28441.00 19264.00 GBP Million [+]
GDP From Manufacturing 45256.00 45590.00 46560.00 40088.00 GBP Million [+]
GDP From Mining 4789.00 4827.00 10332.00 3984.00 GBP Million [+]
GDP From Public Administration 20942.00 20947.00 24234.00 20573.00 GBP Million [+]
GDP From Services 365834.00 364094.00 365834.00 178666.00 GBP Million [+]
GDP From Transport 20043.00 19787.00 20043.00 10071.00 GBP Million [+]


United Kingdom GDP Growth Rate

The services sector is the most important and account for 79 percent of United Kingdom's 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 April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.70 5.00 -2.70 1955 - 2018 percent Quarterly
SA




Country Last Previous
United States 2.20 Dec/18
Singapore 2.00 Mar/19
Saudi Arabia 1.60 Sep/18
India 1.50 Sep/18
China 1.40 Mar/19
South Africa 1.40 Dec/18
South Korea 1.00 Dec/18
Russia 0.80 Dec/18
Spain 0.60 Dec/18
Japan 0.50 Dec/18
Netherlands 0.50 Dec/18
France 0.30 Dec/18
Australia 0.20 Dec/18
Euro Area 0.20 Dec/18
Mexico 0.20 Dec/18
Switzerland 0.20 Dec/18
United Kingdom 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Germany 0.00 Dec/18
Italy -0.10 Dec/18
Argentina -1.20 Dec/18
Indonesia -1.69 Dec/18
Turkey -2.40 Dec/18


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