United Kingdom GDP Annual Growth Rate  1956-2017 | Data | Chart | Calendar

The British economy grew 1.7 percent year-on-year in the second quarter of 2017, unrevised from the preliminary estimate and following a 2 percent expansion in the previous period. It was the lowest annual growth rate since the second quarter of last year, as household spending rose at softer pace while business investment stalled. GDP Annual Growth Rate in the United Kingdom averaged 2.45 percent from 1956 until 2017, reaching an all time high of 9.80 percent in the first quarter of 1973 and a record low of -6.10 percent in the first quarter of 2009.

United Kingdom GDP Annual Growth Rate
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UK Q2 GDP Annual Growth Confirmed at 1-Year Low


The British economy grew 1.7 percent year-on-year in the second quarter of 2017, unrevised from the preliminary estimate and following a 2 percent expansion in the previous period. It was the lowest annual growth rate since the second quarter of last year, as household spending rose at softer pace while business investment stalled.

On the expenditure side, household expenditure growth eased to 2 percent from 2.6 percent in Q1; and business investment stalled after an increase of 0.7 percent in the previous period. Still, overall gross fixed capital formation went up at a faster 2.5 percent (2 percent in Q1) and government spending grew by 1.2 percent (0.8 percent in Q1).

Imports jumped 3.7 percent, following a 3.3 percent gain in Q1; while exports rose at a slower 2.4 percent, after rising by 2.9 percent the previous period. As a result, the trade deficit widened to £13.8 billion from £11.4 billion in Q2 2016. 

On the production side, the service industries expanded 2.3 percent, the same pace as in Q1, as output rose for: Distribution, hotels and restaurants (3.5 percent, the same as in Q1); transport storage and communications (3.9 percent from 3.2 percent); business services and finance (1.9 percent from 2.4 percent); and government and other services (1.4 percent from 1.1 percent). Industrial production dropped 0.3 percent (2.3 percent in Q1), as output fell for: Electricity, gas, steam and air conditioning supply (-4.8 percent from 0.7 percent); and mining and quarrying (-0.9 percent from 1.1 percent). Meanwhile, output rose at a slower pace for: Manufacturing (0.2 percent from 2.5 percent) and water supply, sewerage, waste management and remediation activities (2 percent from 3.8 percent). Construction expansion slowed to 0.4 percent from 2.8 percent in Q1.

ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/24/2017 9:33:01 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-06-30 08:30 AM GDP Growth Rate YoY Final 2% 1.9% 2% 2%
2017-07-26 08:30 AM GDP Growth Rate YoY Prel 1.7% 2% 1.7% 1.9%
2017-08-24 08:30 AM GDP Growth Rate YoY 2nd Est 1.7% 2% 1.7% 1.7%
2017-09-29 08:30 AM GDP Growth Rate YoY Final 2% 1.7% 1.7%
2017-10-25 08:30 AM GDP Growth Rate YoY Prel 1.8%
2017-11-28 09:30 AM GDP Growth Rate YoY 2nd Est 1.8%


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 Annual Growth Rate

The United Kingdom is the sixth largest economy in the world and the second largest in Europe after Germany. 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. This page provides the latest reported value for - United Kingdom GDP Annual 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 Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on September of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.70 2.00 9.80 -6.10 1956 - 2017 percent Quarterly




gdp annual growth rate by Country

Last
China 6.90 Jun/17
India 5.70 Jun/17
Turkey 5.10 Jun/17
Indonesia 5.01 Jun/17
Canada 3.70 Jun/17
Netherlands 3.30 Jun/17
Spain 3.10 Jun/17
South Korea 2.70 Jun/17
Russia 2.50 Jun/17
Euro Area 2.30 Jun/17
United States 2.20 Jun/17
Germany 2.10 Jun/17
Australia 1.80 Jun/17
France 1.80 Jun/17
Mexico 1.80 Jun/17
United Kingdom 1.70 Jun/17
Italy 1.50 Jun/17
Japan 1.40 Jun/17
Brazil 0.30 Jun/17
Switzerland 0.30 Jun/17