United Kingdom GDP Annual Growth Rate  1956-2018 | Data | Chart | Calendar

The British economy expanded by 1.4 percent year-on-year in the fourth quarter of 2017, unrevised from the second estimate and following a 1.8 percent growth in the previous period. It was the weakest pace of expansion since the second quarter of 2012. In 2017 as a whole, the GDP grew by 1.8 percent, above the second estimate of 1.7 percent and compared to 1.9 percent in 2016. GDP Annual Growth Rate in the United Kingdom averaged 2.45 percent from 1956 until 2017, reaching an all time high of 9.70 percent in the first quarter of 1973 and a record low of -5.90 percent in the first quarter of 2009.

United Kingdom GDP Annual Growth Rate
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UK Q4 GDP Growth Confirmed at 5-1/2-Year Low


The British economy expanded by 1.4 percent year-on-year in the fourth quarter of 2017, unrevised from the second estimate and following a 1.8 percent growth in the previous period. It was the weakest pace of expansion since the second quarter of 2012.

On the expenditure side, household expenditure rose 1.2 percent, compared with 1.3 percent in Q3; while gross fixed capital formation went up at a faster 4 percent (vs 3.6 percent in Q3) as business investment growth picked up to 2.6 percent (vs 2.2 percent in Q3). Also, government spending grew by 0.6 percent, faster than 0.1 percent in the previous period.

Imports jumped 3.1 percent, following a 1.7 percent gain in Q3; while exports rose at a slower 2.7 percent, after increasing by 9 percent the previous period. As a result, the trade deficit narrowed to £8.543 billion from £9.581 billion in Q4 2016. 

On the production side, the service industries expanded 1.1 percent (vs 1.3 percent in Q3), as output rose for: distribution, hotels and restaurants (0.2 percent vs 1.8 percent in Q3); transport storage and communications (2.1 percent vs 2.5 percent); business services and finance (1.7 percent vs 1.6 percent); and government and other services (0.4 percent vs -0.1 percent). Industrial production went up 1.9 percent (vs 2.2 percent in Q3), as output rose for: manufacturing (2.9 percent vs 3.1 percent); mining and quarrying (0.6 percent vs -3.3 percent). By contrast, output shrank for: water supply, sewerage, waste management and remediation activities (-0.5 percent vs 1.1 percent); and electricity, gas, steam and air conditioning supply (-1.7 percent vs 1.7 percent). Construction expansion slowed to 2.3 percent from 5.6 percent in Q3.

In 2017 as a whole, the GDP grew by 1.8 percent, above the second estimate of 1.7 percent and compared to 1.9 percent in 2016. It was the weakest growth rate since 2012, as household consumption rose at a slower 1.7 percent (vs 3.1 percent in 2016) and government spending increased by only 0.1 percent (vs 0.8 percent in 2016). Meanwhile, fixed investment surged 4 percent (vs 1.8 percent in 2016), with business investment rebounding 2.4 percent (vs -0.5 percent in 2016). Net trade also contributed positively, as exports jumped 5.7 percent (vs 2.3 percent in 2016) and imports advanced 3.2 percent (vs 4.8 percent in 2016). Thus, the trade deficit narrowed to £35.488 billion from £46.912 billion in 2016. 


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/29/2018 9:14:37 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-01-26 09:30 AM GDP Growth Rate YoY Prel 1.5% 1.7% 1.5% 1.8%
2018-02-22 09:30 AM GDP Growth Rate YoY 2nd Est 1.4% 1.8% 1.4% 1.5%
2018-03-29 08:30 AM GDP Growth Rate YoY Final 1.4% 1.8% 1.4% 1.4%
2018-04-27 08:30 AM GDP Growth Rate YoY Prel 1.4% 1.5%
2018-05-25 08:30 AM GDP Growth Rate YoY 2nd Est 1.4%
2018-06-29 08:30 AM GDP Growth Rate YoY Final 1.4%


United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.40 0.50 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.40 1.80 9.70 -5.90 percent [+]
GDP 2647.90 2885.57 3074.36 72.33 USD Billion [+]
GDP Constant Prices 492785.00 490876.00 492785.00 109967.00 GBP Million [+]
Gross National Product 508627.00 503299.00 508627.00 4755.00 GBP Million [+]
Gross Fixed Capital Formation 84133.00 83242.00 84133.00 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 2627.00 2653.00 2851.00 2041.00 GBP Million [+]
GDP From Construction 28021.00 28053.00 28053.00 19565.00 GBP Million [+]
GDP From Manufacturing 44457.00 43895.00 45025.00 38738.00 GBP Million [+]
GDP From Mining 4969.00 5223.00 11610.00 4478.00 GBP Million [+]
GDP From Public Administration 19777.00 19752.00 22885.00 19467.00 GBP Million [+]
GDP From Services 349531.00 348077.00 349531.00 175893.00 GBP Million [+]
GDP From Transport 19246.00 19035.00 19553.00 9851.00 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 April of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.40 1.80 9.70 -5.90 1956 - 2017 percent Quarterly




GDP annual growth rate by Country
Country Last
Turkey 7.30 Dec/17
India 7.20 Dec/17
China 6.80 Mar/18
Indonesia 5.19 Dec/17
Spain 3.10 Dec/17
Canada 2.90 Dec/17
Germany 2.90 Dec/17
Netherlands 2.90 Dec/17
South Korea 2.80 Dec/17
Euro Area 2.70 Dec/17
United States 2.60 Dec/17
France 2.50 Dec/17
Australia 2.40 Dec/17
Brazil 2.10 Dec/17
Japan 2.00 Dec/17
Switzerland 1.90 Dec/17
Italy 1.60 Dec/17
Mexico 1.50 Dec/17
United Kingdom 1.40 Dec/17
Russia 0.90 Dec/17


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