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

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.70 percent in the third 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
0.70 0.90 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 Saturday, November 1, 2014.

UK GDP Growth Slows in Q3

The UK economy expanded 0.7 percent on quarter in the three months to September, slowing from a 0.9 percent increase in the second quarter. Preliminary estimates showed services were the biggest contributor to the growth while mining and quarrying shrank for the second consecutive quarter and manufacturing posted the lowest gain in six quarters.

The largest contribution to Q3 2014 GDP growth came from services; these industries increased by 0.7 percent, contributing 0.58 percentage points to the increase in GDP. This followed an increase of 1.1 percent in Q2 2014. In the latest quarter there was widespread growth, with increases in each of the four main services aggregates (distribution, hotels & restaurants; transport, storage & communication; business services & finance; and government & other services).

Growth in each of the main services aggregates was lower than in Q2 2014 with the exception of government & other services which grew by 0.3 percent in each quarter. In Q3 2014 output from services was 7.2 percent above its pre-economic downturn peak in Q1 2008.

There was also an upward contribution (0.07 percentage points) from production; these industries rose by 0.5 percent, with energy supply increasing by 6.5 percent following an increase of 1.5 percent in Q2 2014 and manufacturing increasing by 0.4 percent following an increase of 0.5 percent in Q2 2014. Partially offsetting these rises were decreases of 1.2 percent in mining & quarrying following a decrease of 0.3 percent in Q2 2014, and 0.8 percent in water & waste management following a decrease of 2.5 percent in Q2 2014. The increase in energy was caused by an increase in both electricity generation and the manufacture of gas. The increase in gas was mainly due to an increase in the demand for gas in the production of electricity.

Construction output increased by 0.8 percent in Q3 2014 when compared with Q2 2014, contributing 0.05 percentage points to GDP growth and follows a rise of 0.7 percent in Q2 2014. 

Year-on-year, the economy advanced 3 percent in the third quarter of 2014, compared with a 3.2 percent increase in the previous period.

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
10/24/2014 11:34:49 AM

Recent Releases

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. Published on 2014-09-30

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

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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 0.7% 0.9% 0.7% 0.83%
2014-11-26 09:30 AM United Kingdom
GDP Growth Rate QoQ - 2 Est
Q3 2014 0.9% 0.7% 0.7%

United Kingdom GDP Last Previous Highest Lowest Unit
GDP 2522.26 2461.77 2857.08 72.33 USD Billion [+]
GDP Growth Rate 0.70 0.90 5.00 -2.70 Percent [+]
GDP Annual Growth Rate 3.00 3.20 9.80 -5.80 Percent [+]
GDP Constant Prices 428415.00 425437.00 428415.00 102335.00 GBP Million [+]
Gross National Product 438278.00 432153.00 438278.00 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 [+]