United Kingdom GDP Growth Rate 1955-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.90 percent in the second quarter of 2014 over the previous quarter. GDP Growth Rate in the United Kingdom averaged 0.61 Percent from 1955 until 2014, 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 reported by the Office for National Statistics.

   
 
 

United Kingdom GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.70 5.00 -2.70 1955 - 2014 Percent Quarterly
The United Kingdom is the world’s sixth largest economy. Like in the case of many other developed nations, services is the biggest sector of the economy and accounts for more than 75 percent of total GDP. The key segments within Services are Distribution, Transport, Hotels and Restaurants (18 percent of total GDP), Government, Health and Education (20 percent); Professional and Support (11 percent); Financial and Insurance (9 percent) and Real Estate (9 percent). Although the United Kingdom is still one of the biggest manufacturers in the world, production constitutes only 10 percent of the GDP. Last big component of the GDP is Construction, which accounts for around 7 percent of total output. This page provides - United Kingdom GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - United Kingdom GDP Growth Rate - was last refreshed on Monday, October 20, 2014.


UK GDP Grows Stronger Than Expected


The UK economy expanded 0.9 percent in the second quarter of 2014, up 0.1 percentage points from the second estimate, mainly due to changes in the GDP calculating methods. Figures for the first quarter were also revised to a 0.7 percent expansion, from a 0.8 percent increase previously reported.

To meet international standards, the new GDP estimates have moved from the European System of Accounts 1995 (ESA95) to the European System of Accounts 2010 (ESA 2010). The new measure takes into account activities such as research and development spending and expenditure on weapon systems that were not included before.

In the three months to June 2014, household final consumption expenditure increased for the twelfth consecutive quarter, growing by 0.6 percent. The largest increases in household final consumption expenditure came from miscellaneous goods and services. Non-profit institutions serving households final consumption expenditure rose by 1.3 percent in Q2 2014 and follows a 0.4 percent increase in Q1 2014

Government final consumption expenditure increased by 1.0 percent in Q2 2014 following a 0.3 percent fall in Q1 2014.

There is also continued growth in gross fixed capital formation which rose by 1.3 percent in Q2 2014, the seventh consecutive quarterly increase. Within gross fixed capital formation, business investment increased by 3.3 percent between Q1 2014 and Q2 2014. This follows a 0.9 percent increase in Q1 2014.

The trade balance deficit increased from £8.7 billion in Q1 2014 to £8.9 billion in Q2 2014. Exports fell by 0.4 percent in Q2 2014 as in Q1 2014, while imports fell by 0.3 percent in Q2 2014 following a 2.0 percent fall in Q1 2014.

Year-on-year, the economy advanced 3.2 percent in the April to June period, unchanged from the second estimate.  

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
9/30/2014 12:47:40 PM


Recent Releases

UK GDP Growth Confirmed at 0.8% in Q2
UK economy expanded by 0.8 percent in Q2 2014, the second consecutive quarter-on-quarter increase of 0.8 percent, unrevised from the preliminary estimate published on July 25th. Published on 2014-08-15

UK GDP Expands 0.8% in Q2
The UK economy advanced 0.8 percent on quarter in the three months to June, the same growth rate recorded in the previous period, driven by the services sector. Preliminary estimates showed the economy is now 0.2 percent bigger than in the first quarter of 2008, its previous peak. Published on 2014-07-25


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-06-27 09:30 AM United Kingdom
GDP Growth Rate QoQ Final
Q1 2014 0.8% 0.7% 0.8% 0.8%
2014-07-25 09:30 AM United Kingdom
GDP Growth Rate QoQ Prel
Q2 2014 0.8% 0.8% 0.8% 0.82%
2014-08-15 09:30 AM United Kingdom
GDP Growth Rate QoQ - 2 Est
Q2 2014 0.8% 0.8% 0.8% 0.8%
2014-09-30 09:30 AM United Kingdom
GDP Growth Rate QoQ Final
Q2 2014 0.9% 0.7% (R) 0.8% 0.8%
2014-10-24 09:30 AM United Kingdom
GDP Growth Rate QoQ Prel
Q3 2014 0.9% 0.7% 0.83%


United Kingdom GDP Last Previous Highest Lowest Unit
GDP 2522.26 2461.77 2857.08 72.33 USD Billion [+]
GDP Growth Rate 0.90 0.70 5.00 -2.70 Percent [+]
GDP Annual Growth Rate 3.20 2.90 9.80 -5.80 Percent [+]
GDP Constant Prices 425437.00 421593.00 425437.00 102335.00 GBP Million [+]
Gross National Product 408480.00 401631.00 409331.00 4776.00 GBP Million [+]
GDP per capita 37955.11 37569.79 40230.96 13478.93 USD [+]
Gross Fixed Capital Formation 72529.00 71633.00 75836.00 13015.00 GBP Million [+]
GDP per capita PPP 35013.27 34657.81 37112.75 23542.10 USD [+]