Britain's economy expanded 1.8 percent year-on-year in the first quarter of 2019, up from 1.4 percent in the previous period and in line with market consensus. It has not been stronger since the third quarter of 2017. Household consumption and government spending grew faster, while fixed investment rebounded firmly despite a further decline in business investment. On the other hand, net trade contributed negatively to GDP growth. GDP Annual Growth Rate in the United Kingdom averaged 2.45 percent from 1956 until 2019, reaching an all time high of 9.70 percent in the first quarter of 1973 and a record low of -6.10 percent in the first quarter of 2009.

GDP Annual Growth Rate in the United Kingdom is expected to be 1.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in the United Kingdom to stand at 1.30 in 12 months time. In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 1.70 percent in 2020, according to our econometric models.

United Kingdom GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-21 09:30 AM GDP Growth Rate YoY Final 1.5% 1.4% 1.5% 1.5%
2019-02-11 09:30 AM GDP Growth Rate YoY Prel 1.3% 1.6% 1.4% 1.3%
2019-03-29 09:30 AM GDP Growth Rate YoY Final 1.4% 1.6% 1.3% 1.3%
2019-05-10 08:30 AM GDP Growth Rate YoY Prel 1.8% 1.4% 1.8% 1.8%
2019-06-28 08:30 AM GDP Growth Rate YoY Final 1.4% 1.8% 1.8%
2019-08-09 08:30 AM GDP Growth Rate YoY Prel 1.6%
2019-09-30 08:30 AM GDP Growth Rate YoY Final 1.6%



UK GDP Annual Growth at 1-1/2-Year High

Britain's economy expanded 1.8 percent year-on-year in the first quarter of 2019, up from 1.4 percent in the previous period and in line with market consensus. It has not been stronger since the third quarter of 2017.

On the expenditure side, household expenditure rose 1.9 percent in the first quarter (vs 1.7 percent in Q4); and government spending advanced 2.2 percent (vs 1.0 percent in Q4). In addition, fixed investment surged 1.7 percent (vs -1.1 percent in Q4) despite a further decline in business investment (-1.4 percent vs -2.5 percent).

Imports jumped 10.2 percent, following a 2.6 percent increase in Q4; while exports rose at a much slower 1.5 percent, after a 0.2 percent gain in the previous period. As a result, the trade deficit widened sharply to £17.510 billion from £4.268 billion in Q1 2018.

On the production side, the service industries expanded 2 percent, the same as in Q4, as output rose for: distribution, hotels and restaurants (4.3 percent vs 3.5 percent); transport storage and communications (4.5 percent vs 3.9 percent); business services and finance (0.9 percent vs 1.4 percent); and government and other services (1.2 percent vs 1.1 percent). Industrial production rebounded 0.6 percent (vs -0.7 percent in Q4), as output grew for manufacturing (1.2 percent vs -1.3 percent) and mining & quarrying (6 percent vs 8.7 percent). By contrast, utilities output contracted for the fourth straight period (-5.9 percent vs -2.5 percent) and water supply, sewerage, waste management and remediation activities declined for the second consecutive quarter (-0.4 percent vs -0.7 percent). Construction expansion accelerated to 2.8 percent from 0.3 percent in Q4.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
5/10/2019 9:16:33 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 2622.43 2650.85 3074.36 72.33 USD Billion [+]
GDP Constant Prices 514019.00 511482.00 514019.00 111480.00 GBP Million [+]
Gross National Product 527584.00 525092.00 527584.00 4755.00 GBP Million [+]
Gross Fixed Capital Formation 87495.00 85462.00 87495.00 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 2832.00 2884.00 3074.00 2214.00 GBP Million [+]
GDP From Construction 28576.00 28286.00 28576.00 19264.00 GBP Million [+]
GDP From Manufacturing 46254.00 45256.00 46560.00 40088.00 GBP Million [+]
GDP From Mining 4883.00 4789.00 10332.00 3984.00 GBP Million [+]
GDP From Public Administration 20967.00 20942.00 24234.00 20573.00 GBP Million [+]
GDP From Services 367030.00 365834.00 367030.00 178666.00 GBP Million [+]
GDP From Transport 19930.00 20043.00 20043.00 10071.00 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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.80 1.40 9.70 -6.10 1956 - 2019 percent Quarterly
SA




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.07 Mar/19
Saudi Arabia 3.60 Dec/18
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 2.30 Dec/18
South Korea 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
Euro Area 1.20 Mar/19
Mexico 1.20 Mar/19
Singapore 1.20 Mar/19
Brazil 1.10 Dec/18
France 1.10 Mar/19
South Africa 1.10 Dec/18
Japan 0.80 Mar/19
Germany 0.70 Mar/19
Russia 0.50 Mar/19
Italy 0.10 Mar/19
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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