Britain's quarterly economic growth was confirmed at 0.6 percent in the three months to September 2018, the strongest expansion since the last quarter of 2016 and following a 0.4 percent advance in the previous period. Household spending and exports were the main drivers of growth while business investment has fallen for three consecutive quarters, which has not been seen since the global financial crisis, in part due to Brexit-related economic and political uncertainty. 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 0.20 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 0.50 percent in 2020, according to our econometric models.

United Kingdom GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-08-10 08:30 AM GDP Growth Rate QoQ Prel 0.4% 0.2% 0.1% 0.4%
2018-09-28 08:30 AM GDP Growth Rate QoQ Final 0.4% 0.1% 0.4% 0.4%
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 0.6% 0.2%
2019-03-29 09:30 AM GDP Growth Rate QoQ Final 0.6% 0.3%
2019-05-10 08:30 AM GDP Growth Rate QoQ Prel 0.1%



UK Q3 GDP Growth Confirmed at Near 2-Year High

Britain's quarterly economic growth was confirmed at 0.6 percent in the three months to September 2018, the strongest expansion since the last quarter of 2016 and compared to a 0.4 percent advance in the previous period. Household spending and exports were the main drivers of growth while business investment has fallen for three consecutive quarters, which has not been seen since the global financial crisis, in part due to Brexit-related economic and political uncertainty.

Household consumption growth was unchanged at 0.5 percent in the third quarter, boosted by spending on miscellaneous goods, particularly other financial services, while spending on transport fell, in particuler on motor cars. In addition, net external demand contributed positively to the GDP growth as the trade deficit narrowed to £6.5 billion from £6.8 billion in the previous period. Exports of goods and services jumped 1.1 percent (vs -1.4 percent in Q2) and imports rose at a slower 0.8 percent (vs 0.1 percent in Q2).

Gross capital formation (GCF) – which includes gross fixed capital formation (GFCF), changes in inventories and acquisitions less disposal of valuables – added 0.2 percentage points. GFCF rose 0.5 percent in the third quarter, reversing a 0.8 percent fall in Q2; while business investment shrank 1.1 percent on Brexit uncertainty, marking the third straight quarter of contraction, which has not been seen since the global financial crisis.

From the production side, construction output growth picked up further to 2.3 percent in the three months to September from 0.5 percent in the second quarter following a weak start to the year that was affected by the heavy snowfall; while quarterly output in the manufacturing sector rose 0.4 percent, after two consecutive quarters of declines. Growth in services output slowed to 0.5 percent from 0.6 percent, following a strong summer, in part driven by buoyant food and drink sales as consumers took advantage of the warmer weather and the World Cup.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/21/2018 10:04:09 AM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 0.40 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.50 1.40 9.70 -6.10 percent [+]
GDP 2622.43 2650.85 3074.36 72.33 USD Billion [+]
GDP Constant Prices 510013.00 506928.00 510013.00 111480.00 GBP Million [+]
Gross National Product 521840.00 520008.00 521840.00 4755.00 GBP Million [+]
Gross Fixed Capital Formation 85843.00 85417.00 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 2916.00 2908.00 3074.00 2214.00 GBP Million [+]
GDP From Construction 28555.00 27902.00 28555.00 19264.00 GBP Million [+]
GDP From Manufacturing 45795.00 45600.00 46560.00 40088.00 GBP Million [+]
GDP From Mining 4635.00 4570.00 10332.00 3984.00 GBP Million [+]
GDP From Public Administration 20827.00 20803.00 24234.00 20573.00 GBP Million [+]
GDP From Services 363657.00 361804.00 363657.00 178666.00 GBP Million [+]
GDP From Transport 19509.00 19370.00 19874.00 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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.60 0.40 5.00 -2.70 1955 - 2018 percent Quarterly




Country Last Previous
United States 3.40 Sep/18
Indonesia 3.09 Sep/18
South Africa 2.20 Sep/18
India 1.90 Jun/18
China 1.60 Sep/18
Singapore 1.60 Dec/18
Russia 0.90 Jun/18
Brazil 0.80 Sep/18
Mexico 0.80 Sep/18
South Korea 0.60 Sep/18
Spain 0.60 Sep/18
United Kingdom 0.60 Sep/18
Canada 0.50 Sep/18
Australia 0.30 Sep/18
France 0.30 Sep/18
Euro Area 0.20 Sep/18
Netherlands 0.20 Sep/18
Saudi Arabia -0.05 Mar/18
Italy -0.10 Sep/18
Germany -0.20 Sep/18
Switzerland -0.20 Sep/18
Japan -0.60 Sep/18
Argentina -0.70 Sep/18
Turkey -1.10 Sep/18


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