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

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.70 percent in the second quarter of 2015 over the previous quarter. GDP Growth Rate in the United Kingdom averaged 0.61 percent from 1955 until 2015, 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
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Actual Previous Highest Lowest Dates Unit Frequency
0.70 0.40 5.00 -2.70 1955 - 2015 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 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. Content for - United Kingdom GDP Growth Rate - was last refreshed on Tuesday, August 4, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-05-28 09:30 AM Q1 0.3% 0.6% 0.4% 0.3%
2015-06-30 09:30 AM Q1 0.4% 0.8% (R) 0.4% 0.3%
2015-07-28 09:30 AM Q2 0.7% 0.4% 0.7% 0.5%
2015-08-28 09:30 AM Q2 0.4% 0.7% 0.7%
2015-09-30 09:30 AM Q2 0.4% 0.7% 0.7%
2015-10-27 09:30 AM Q3 0.32%


UK GDP Growth Accelerates in Q2


The British economy expanded 0.7 percent on quarter in the three months to June 2015, in line with market expectations and boosted by business services and finance and gas and oil production, preliminary estimates showed.

It is the tenth consecutive quarter of growth. In the first quarter of 2015 the economy expanded 0.4 percent.

Services increased 0.7 percent, contributing 0.5 percentage points to growth and following a rise of 0.4 percent in the first quarter. Although there were increases in all four of the main services aggregates (distribution, hotels and restaurants; transport, storage and communication; business services and finance; government and other services), growth in business services and finance (0.8 percent from 0.1 percent) was the main reason behind the increase in services growth between the two quarters.

There was an upward contribution (0.14 percentage points) from the production industries; these industries grew by 1.0 percent, with mining and quarrying increasing by 7.8 percent following a decrease of 0.5 percent in the first quarter and water and waste management increasing by 4.8 percent following a rise of 0.2 percent. Evidence from the Department of Energy and Climate Change (DECC) suggested the recent tax changes announced in the March budget could be a contributing factor to the rise in mining and quarrying. Partially offsetting these increases was a fall of 2.9 percent in energy supply following an increase of 2.8 percent in the first quarter and a fall of 0.3 percent in manufacturing following an increase of 0.1 percent.

Construction output made no contribution to growth, after reporting 0.2 percent contraction in the first quarter. Agriculture decreased 0.7 percent.

Year-on-year, the economy advanced 2.6 percent, matching market estimates but slowing from a 2.9 percent growth in the previous period.

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
7/28/2015 10:41:23 AM


Recent Releases

UK GDP Growth Revised Up
The British economy expanded 0.4 percent in the first three months of 2015, better than an initial estimate of 0.3 percent and boosted by household consumption and investment. Still, it is the lowest growth rate since the last quarter of 2013.
Published on 2015-06-30

UK GDP Growth Confirmed at 0.3%
The British economy expanded 0.3 percent in the first three months of 2015 matching preliminary estimates but slowing from a 0.6 percent rise in the previous period. Second estimates released by the Office for National Statistics showed a drop in exports and higher imports weighted down on growth.
Published on 2015-05-28

UK Q1 GDP Growth Disappoints
The British economy expanded a weaker-than-expected 0.3 percent on quarter in the first three months of 2015, hurt by a slowdown in business, financial services and manufacturing and decline in mining and construction.
Published on 2015-04-28

UK GDP Growth Revised Up to 0.6% in Q4
The British economy advanced 0.6 percent on quarter in the last three months of 2014, higher than 0.5 percent estimate released last month and driven by rise in exports.
Published on 2015-03-31


United Kingdom GDP Last Previous Highest Lowest Unit
GDP 2941.89 2678.17 2963.10 72.33 USD Billion [+]
GDP Growth Rate 0.70 0.40 5.00 -2.70 percent [+]
GDP Annual Growth Rate 2.60 2.90 9.80 -5.80 percent [+]
GDP Constant Prices 436026.00 432995.00 436026.00 102017.00 GBP Million [+]
Gross National Product 444819.00 440734.00 444819.00 4726.00 GBP Million [+]
GDP per capita 40967.70 40199.32 41567.28 13478.88 USD [+]
Gross Fixed Capital Formation 76099.00 74628.00 76099.00 13015.00 GBP Million [+]
GDP per capita PPP 37613.54 36908.06 38164.02 26016.61 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.90 Mar/15 0.50 4.50 -2.00 percent [+]
Brazil -0.20 Mar/15 0.30 4.50 -4.20 percent [+]
Canada -0.10 Mar/15 0.60 3.33 -1.80 percent [+]
China 1.70 Jun/15 1.40 2.50 1.40 percent [+]
Euro Area 0.40 Mar/15 0.40 1.30 -2.90 percent [+]
France 0.60 Mar/15 0.10 7.70 -5.00 percent [+]
Germany 0.30 Mar/15 0.70 2.10 -3.70 percent [+]
India 4.10 Mar/15 3.10 7.40 -3.40 percent [+]
Indonesia -0.18 Mar/15 -2.06 3.83 -3.57 percent [+]
Italy 0.30 Mar/15 0.00 6.00 -3.50 percent [+]
Japan 1.00 Mar/15 0.30 3.20 -4.00 percent [+]
Mexico 0.40 Mar/15 0.70 2.90 -6.60 percent [+]
Netherlands 0.60 Mar/15 0.90 2.00 -2.20 percent [+]
Russia -1.29 Mar/15 -0.55 4.10 -5.40 percent [+]
South Korea 0.30 Jun/15 0.80 6.80 -7.00 percent [+]
Spain 1.00 Jun/15 0.90 1.60 -1.60 percent [+]
Switzerland -0.20 Mar/15 0.50 1.90 -2.20 percent [+]
Turkey 1.30 Mar/15 0.80 6.69 -7.57 percent [+]
United Kingdom 0.70 Jun/15 0.40 5.00 -2.70 percent [+]
United States 2.30 Jun/15 -0.20 16.90 -10.00 percent [+]