Britain's quarterly economic growth was confirmed at 0.5 percent in the first quarter of 2019, above the previous three-month period's figure of 0.2 percent. Household expenditure, government consumption and investment contributed positively to GDP growth, while net trade contributed negatively. GDP Growth Rate in the United Kingdom averaged 0.60 percent from 1955 until 2019, 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 0.20 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 0.50 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
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 0.5% 0.2% 0.5% 0.4%
2019-06-28 08:30 AM GDP Growth Rate QoQ Final 0.5% 0.2% 0.5% 0.5%
2019-08-09 08:30 AM GDP Growth Rate QoQ Prel 0.5% -0.1%
2019-09-30 08:30 AM GDP Growth Rate QoQ Final 0.5% -0.1%
2019-11-11 09:30 AM GDP Growth Rate QoQ Prel 0.2%



UK Q1 GDP Growth Confirmed at 0.5%

Britain's quarterly economic growth was confirmed at 0.5 percent in the first quarter of 2019, above the previous three-month period's figure of 0.2 percent. Household expenditure, government consumption and investment contributed positively to GDP growth, while net trade contributed negatively.

Private consumption increased by 0.6 percent in the first quarter, revised down slightly from the first estimate of 0.7 percent. Household consumption of miscellaneous goods and services, which includes spending on other financial services, increased by 2.9 percent, following a fall of 1 percent in Q4 2018. Miscellaneous goods and services made the largest overall contribution to household consumption in the first quarter of the year, largely as a result of increased expenditure on other financial services.

Government consumption is estimated to have increased by 0.8 percent, revised down from the first estimate of 1.4 percent and following an advance of 1.3 percent in the previous quarter. This increase reflects widespread growth in a number of areas including health, which increased by 0.6 percent, and other functions of central government, such as general public services and economic affairs.

Gross fixed capital formation (GFCF) increased by 1.2 percent in the first three months of 2019, revised down from the first estimate of 2.1 percent. This primarily reflects revisions to government investment, which is now estimated to have increased by 5.2 percent, compared with its previous estimate of 8.1 percent, due to initial budget estimates being replaced by provisional financial year data. The quarterly increase was due to increases across a number of central government departments. Following four consecutive quarters of decline throughout 2018, business investment grew by a revised 0.4 percent in the first quarter of 2019 – revised downwards by 0.1 percentage points compared with the first quarterly estimate. At an asset level, investment in other buildings and structures has been the main contributor to growth. Some of the growth in the investment in buildings has been offset by a fall in investment in transport, which continued its recent decline in the first quarter of the year.

The UK trade deficit widened to £21.58 billion, or 3.7 percent of GDP, the widest quarterly deficit on record. Exports rose 1.5 percent while imports jumped 10.8 percent, largely a reflection of the sizeable increase of imports of unspecified goods, which includes non-monetary gold (NMG). Excluding unspecified goods, the trade deficit was at 1.7 percent of GDP.

On the production side, industrial output increased by 1.1 percent in the first quarter, rebounding from a 0.8 percent contraction in Q4, within which manufacturing output increased by the most since Q3 1999 (1.9 percent vs -0.7 percent in Q4). Services output growth slowed to 0.4 percent from 0.5 percent, while construction output increased by 1.4 percent, compared to a 0.5 percent fall in Q4. Output of the agriculture, forestry and fishing sector fell by 1.4 percent (vs 0.6 percent in Q4), providing the only negative contribution to growth.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/28/2019 8:59:15 AM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.50 0.20 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.80 1.40 9.70 -6.10 percent [+]
GDP 2825.21 2637.87 3084.12 72.33 USD Billion [+]
GDP Constant Prices 514019.00 511482.00 514019.00 111480.00 GBP Million [+]
Gross National Product 537794.00 527584.00 537794.00 4755.00 GBP Million [+]
Gross Fixed Capital Formation 86756.00 85712.00 86756.00 13572.00 GBP Million [+]
GDP per capita 42986.00 42669.60 42986.00 13827.40 USD [+]
GDP per capita PPP 40158.00 39862.30 40158.00 26303.10 USD [+]
GDP From Agriculture 2843.00 2884.00 3074.00 2214.00 GBP Million [+]
GDP From Construction 28683.00 28286.00 28683.00 19264.00 GBP Million [+]
GDP From Manufacturing 46130.00 45256.00 46560.00 40088.00 GBP Million [+]
GDP From Mining 4832.00 4789.00 10332.00 3984.00 GBP Million [+]
GDP From Public Administration 20852.00 20942.00 24234.00 20573.00 GBP Million [+]
GDP From Services 367205.00 365834.00 367205.00 178666.00 GBP Million [+]
GDP From Transport 20076.00 20043.00 20076.00 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.20 5.00 -2.70 1955 - 2019 percent Quarterly
SA




Country Last Previous
United States 3.10 Mar/19
China 1.60 Jun/19
India 1.60 Dec/18
Turkey 1.30 Mar/19
Saudi Arabia 1.07 Dec/18
Spain 0.70 Mar/19
Japan 0.60 Mar/19
Switzerland 0.60 Mar/19
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Australia 0.40 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Canada 0.10 Mar/19
Italy 0.10 Mar/19
Argentina -0.20 Mar/19
Brazil -0.20 Mar/19
Mexico -0.20 Mar/19
Russia -0.40 Mar/19
South Korea -0.40 Mar/19
Indonesia -0.52 Mar/19
South Africa -3.20 Mar/19
Singapore -3.40 Jun/19


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