United Kingdom GDP Growth Rate 1955-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.50 percent in the fourth 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.

      Forecast    
United Kingdom GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.50 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 Sunday, February 1, 2015.


UK Economy Slows More than Expected


British GDP advanced 0.5 percent on quarter in the last three months of 2014, below market expectations and compared with a 0.7 percent expansion in the previous period. Preliminary estimates showed services were the main driver of growth while construction and mining shrank.

The largest contribution to Q4 2014 GDP growth came from services; these industries increased by 0.8 percent, contributing 0.62 percentage points to the increase in GDP. This followed an increase of 0.8 percent in Q3 2014. In the latest quarter there was widespread growth, with increases in three of the four main services aggregates (distribution, hotels & restaurants; transport, storage & communication; business services & finance). Output from government & other services was flat for Q4 2014. Growth in each of the main services aggregates was lower than in Q3 2014 with the exception of distribution, hotels & restaurants which grew by 1.3 percent, following a rise of 0.7 percent for Q3 2014. Retail made the largest positive contribution to the increase. In Q4 2014 output from services was 7.9 percent above its pre-economic downturn peak in Q1 2008.

There was a downward contribution (0.02 percentage points) from the production industries; these industries fell by 0.1 percent, with energy supply decreasing by 2.8 percent reversing an increase of 2.8 percent in Q3 2014, and mining & quarrying decreasing by 0.6 percent following a decrease of 1.6 percent in Q3 2014. The decrease in energy was mainly caused by a decrease in the manufacture of gas. 

Partially offsetting these decreases was a rise of 1.2 percent in water & waste management, following a decrease of 0.3 percent in Q3 2014, and a rise of 0.1 percent in manufacturing following an increase of 0.3 percent in Q3 2014. 

Construction output decreased by 1.8 percent in Q4 2014 when compared with Q3 2014, contributing -0.11 percentage points to GDP growth and follows a rise of 1.6 percent in Q3 2014.

Agriculture, forestry and fishing activities expanded at a fastest 1.3 percent in the fourth quarter of 2014 (0.5 percent in the previous period). 

Year-on-year, the economy advanced 2.7 percent and considering full 2014, the GDP was up 2.6 percent on 2013.

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
1/27/2015 9:54:12 AM


Recent Releases

UK GDP Growth Confirmed at 0.7% in Q3
The British economy expanded 0.7 percent on quarter in the three months to September, in line with previous estimates but down from a revised 0.8 percent increase in the previous period. Household and government consumption were the main drivers of growth. Published on 2014-12-23

UK Economy Expands 0.7% in Q3
The British economy grew 0.7 percent in the three months to September, according to the second estimate released by the statistical office. Private consumption and government spending were the main drivers of expansion while business investment and exports shrank. Published on 2014-11-26


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-11-26 09:30 AM
GDP Growth Rate QoQ - 2 Est  Q3
0.7% 0.9% 0.7%
2014-12-23 09:30 AM
GDP Growth Rate QoQ Final  Q3
0.7% 0.8% (R) 0.7% 0.7%
2015-01-27 09:30 AM
GDP Growth Rate QoQ Prel  Q4
0.5% 0.7% 0.6% 0.6%
2015-02-26 09:30 AM
GDP Growth Rate QoQ 2 Est  Q4
0.7% 0.5% 0.5%
2015-03-31 09:30 AM
GDP Growth Rate QoQ Final  Q4
0.7%
2015-04-28 09:30 AM
GDP Growth Rate QoQ Prel  Q1
0.62%


United Kingdom GDP Last Previous Highest Lowest Unit
GDP 2522.26 2461.77 2857.08 72.33 USD Billion [+]
GDP Growth Rate 0.50 0.70 5.00 -2.70 percent [+]
GDP Annual Growth Rate 2.70 2.60 9.80 -5.80 percent [+]
GDP Constant Prices 428514.00 426382.00 428514.00 102335.00 GBP Million [+]
Gross National Product 438428.00 437062.00 438428.00 4776.00 GBP Million [+]
GDP per capita 37955.11 37569.79 40230.96 13478.93 USD [+]
Gross Fixed Capital Formation 72850.00 72745.00 75836.00 13015.00 GBP Million [+]
GDP per capita PPP 35013.27 34657.81 37112.75 23542.10 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.30 Aug/14 0.50 4.50 -2.00 percent [+]
Brazil 0.10 Aug/14 -0.60 4.50 -4.20 percent [+]
Canada 0.70 Aug/14 0.90 3.33 -1.80 percent [+]
China 1.50 Nov/14 1.90 2.50 1.40 percent [+]
Euro Area 0.20 Aug/14 0.10 1.30 -2.80 percent [+]
France 0.30 Aug/14 -0.10 1.60 -1.70 percent [+]
Germany 0.25 Nov/14 0.10 2.10 -3.70 percent [+]
India 1.50 Aug/14 1.30 5.80 -1.90 percent [+]
Indonesia 2.96 Aug/14 2.49 3.82 -3.57 percent [+]
Italy -0.10 Aug/14 -0.20 6.00 -3.50 percent [+]
Japan -0.50 Aug/14 -1.90 3.20 -4.00 percent [+]
Mexico 0.50 Aug/14 0.90 2.90 -6.60 percent [+]
Netherlands 0.10 Aug/14 0.60 2.00 -2.20 percent [+]
Russia 0.04 Aug/14 0.14 4.10 -5.40 percent [+]
South Korea 0.40 Nov/14 0.90 6.80 -7.00 percent [+]
Spain 0.70 Nov/14 0.50 1.53 -1.60 percent [+]
Switzerland 0.60 Aug/14 0.30 1.90 -2.20 percent [+]
Turkey 0.40 Aug/14 -0.50 6.69 -7.57 percent [+]
United Kingdom 0.50 Nov/14 0.70 5.00 -2.70 percent [+]
United States 2.60 Nov/14 5.00 16.90 -10.00 percent [+]