United Kingdom GDP Growth Rate  1955-2017 | Data | Chart | Calendar

The British economy advanced 0.3 percent on quarter in the three months to March 2017, easing from a 0.7 percent growth in the previous period and below market expectations of a 0.4 percent expansion, a preliminary estimate showed. It was the slowest rate of growth since the first quarter of 2016, as services output expanded at a slower pace, dragged by consumer-focused industries, due in part to prices increasing more than spending. GDP Growth Rate in the United Kingdom averaged 0.61 percent from 1955 until 2017, 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.

United Kingdom GDP Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2017-02-22 09:30 AM Q4 0.7% 0.6% 0.6% 0.6%
2017-03-31 08:30 AM Q4 0.7% 0.5% 0.7% 0.7%
2017-04-28 08:30 AM Q1 0.3% 0.7% 0.4% 0.5%
2017-05-25 08:30 AM Q1 0.7% 0.3% 0.3%
2017-06-30 08:30 AM Q1 0.7% 0.3%
2017-07-26 08:30 AM Q2 0.4%




UK Q1 GDP Growth Weaker Than Expected


The British economy advanced 0.3 percent on quarter in the three months to March 2017, easing from a 0.7 percent growth in the previous period and below market expectations of a 0.4 percent expansion, a preliminary estimate showed. It was the slowest rate of growth since the first quarter of 2016, as services output expanded at a slower pace.

The services aggregate grew 0.3 percent in the first quarter after rising by 0.8 percent in the previous period; and contributed 0.23 percentage points to growth. Production, construction and agriculture contributed 0.04, 0.01 and 0.00 percentage points to the headline figure respectively.

Within the services aggregate, two of the four main sectors decreased in the first quarter of 2017. The main contributor to the slowdown in services was the distribution, hotels and restaurants sector, which decreased by 0.5 percent (2 percent in Q4 2016), contributing negative 0.07 percentage points to quarter-on-quarter GDP growth. Retail trade and accommodation services were the main contributors to the negative growth in this sector, due in part to prices increasing more than spending. These falls were partially offset by an increase in food and beverage service activities, which grew by 2.7 percent. The transport, storage and communications industries decreased by 0.2 percent (0.8 percent in Q4), dragged by falls in publishing activities, telecommunications and computer programming activities.

By contrast, government and other services grew by 0.5 percent (from 0.3 percent in Q4), with human health activities and education being significant contributors, reflecting their large weights within GDP. Business services and finance grew by 0.7 percent (from 0.5 percent in Q4), with accounting activities and travel agency activities both performing strongly in this quarter.

Within the production aggregate: manufacturing increased by 0.5 percent (from 1.2 percent in Q4), due mainly to a large rise in the manufacture of motor vehicles industry; mining and quarrying increased by 1.3 percent (from -6.9 percent in Q4); and water supply, sewerage, waste management and remediation activities increased by 0.5 percent (from 0.9 percent in Q4). However, these positive growths were partially offset by a 3.2 percent decrease in electricity, gas, steam and air conditioning supply (from 4 percent in Q4).

Construction output was estimated to have increased by 0.2 percent, following a growth of 1 percent during Q4 2016.

Agriculture output expanded 0.3 percent following a growth of 1 percent in the previous period.  Agriculture is the smallest of the main industrial groups with a weight of less than 1 percent in the output measure of GDP. 

Compared with the same quarter of 2016, the economy grew 2.1 percent, accelerating from a 1.9 percent expansion in the previous period but missing market expectations of a 2.2 percent gain.

ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
4/28/2017 8:55:04 AM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.30 0.70 5.00 -2.70 percent [+]
GDP Annual Growth Rate 2.10 1.90 9.80 -6.10 percent [+]
GDP 2861.10 2998.83 3063.01 72.33 USD Billion [+]
GDP Constant Prices 471939.00 470527.00 471939.00 107263.00 GBP Million [+]
Gross National Product 492534.00 482206.00 492534.00 4748.00 GBP Million [+]
Gross Fixed Capital Formation 78054.00 77941.00 80420.00 13405.00 GBP Million [+]
GDP per capita 41182.60 40620.02 41182.60 13868.61 USD [+]
GDP per capita PPP 38509.21 37983.13 38509.21 26388.08 USD [+]
GDP From Agriculture 3111.00 3101.00 3267.00 2350.00 GBP Million [+]
GDP From Construction 26634.00 26573.00 26634.00 20035.00 GBP Million [+]
GDP From Manufacturing 41817.00 41591.00 43548.00 37451.00 GBP Million [+]
GDP From Mining 7404.00 7309.00 16722.00 6493.00 GBP Million [+]
GDP From Public Administration 18903.00 18933.00 22274.00 18888.00 GBP Million [+]
GDP From Services 337881.00 336908.00 337881.00 171542.00 GBP Million [+]
GDP From Transport 18280.00 18160.00 18739.00 9402.00 GBP Million [+]


United Kingdom GDP Growth Rate Notes

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. 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 May of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.30 0.70 5.00 -2.70 1955 - 2017 percent Quarterly



gdp growth rate by Country

Last
Turkey 3.80 Dec/16
India 1.60 Dec/16
China 1.30 Mar/17
Australia 1.10 Dec/16
South Korea 0.90 Mar/17
Spain 0.80 Mar/17
Mexico 0.70 Mar/17
United States 0.70 Mar/17
Canada 0.60 Dec/16
Germany 0.60 Mar/17
Euro Area 0.50 Mar/17
Japan 0.50 Mar/17
Netherlands 0.40 Mar/17
France 0.30 Mar/17
United Kingdom 0.30 Mar/17
Italy 0.20 Mar/17
Switzerland 0.10 Dec/16
Indonesia -0.34 Mar/17
Russia -0.57 Sep/15
Brazil -0.90 Dec/16