United Kingdom GDP Growth Rate

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.30 percent in the first quarter of 2013 over the previous quarter. GDP Growth Rate in the United Kingdom is reported by the UK Office for National Statistics. Historically, from 1955 until 2013, the United Kingdom GDP Growth Rate averaged 0.62 Percent reaching an all time high of 5.30 Percent in March of 1973 and a record low of -2.50 Percent in June of 1958. The United Kingdom is the world’s seventh 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 includes a chart with historical data for the United Kingdom GDP Growth Rate.

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United Kingdom GDP Growth Rate
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United Kingdom Economy Expands 0.3% Quarter-on-Quarter in Q1
ONS | Nuno Fontes | nuno@tradingeconomics.com  |  4/25/2013 9:40:31 AM


United Kingdom GDP increased by 0.3 percent in Q1 2013 compared with Q4 2012. GDP was 0.4 percent higher in Q1 2013 than in Q3 2011 and therefore has been broadly flat over the last 18 months.

By far the largest contribution to Q1 2013 GDP growth came from services; these industries increased by 0.6 percent contributing 0.47 percentage points to the 0.3 percent increase in GDP.

There was also a small upward contribution (0.03pp) from production; these industries rose by 0.2 percent, largely due to mining & quarrying, which increased by 3.2 percent following a weak Q4 2012 when extended maintenance in the North Sea reduced output.
 
These upward contributions were partially offset by construction; these industries fell by 2.5 percent, reducing GDP growth by 0.17pp.
 
Before the sharp fall in output in 2008 and 2009 the economy peaked in Q1 2008; the lowest level was in Q2 2009. GDP fell 6.3 percent peak to trough. In Q1 2013 it was estimated that GDP was 2.6 percent below the peak in Q1 2008.

ARCHIVE
U.K. GDP Contracts 0.3% quarter-on-quarter in Q4
The U.K. economy contracted 0.3 percent quarter-on-quarter in the fourth quarter, unrevised from the previous estimate, the latest figures from the Office for National Statistics showed. 2013-03-27
UK GDP Revised Up in Q2
UK gross domestic product (GDP) in volume terms decreased by 0.5 per cent in the second quarter of 2012, revised from the previously estimated 0.7 per cent decline. 2012-08-24
UK GDP Contracts 0.3% quarter-on-quarter in Q4
The U.K. economy contracted 0.3 percent quarter-on-quarter in the fourth quarter, unrevised from the previous estimate, the latest figures from the Office for National Statistics showed. 2013-02-27
U.K. GDP Contracts 0.7% in Q2
U.K. Gross Domestic Product decreased by 0.7 per cent in the second quarter of 2012. The most significant contribution to this fall came from the construction sector; there was, however, also weakness in both the production and services sectors. 2012-07-25
United Kingdom GDP Growth Contracts 0.3% in Q4
GDP was estimated to have decreased by 0.3 percent in Q4 2012 compared with Q3 2012 and to have been flat in Q4 2012, when compared with Q4 2011. GDP is estimated to have been flat between 2011 and 2012. 2013-01-25
U.K. Economy Contracts 0.2% in Q1
U.K. Gross Domestic Product (GDP) decreased by 0.2 per cent in the first quarter of 2012, driven by weakness in the construction sector and the production sector. 2012-05-07
U.K. GDP Growth Revised Down to 0.9 Percent In Q3
The UK economy grew by 0.9 per cent in the third quarter of 2012, following three consecutive quarters of negative growth. Despite being revised down by 0.1 percentage points from the previous estimate, the latest quarterly growth rate remains the strongest since the third quarter of 2007. 2012-12-21
UK GDP Contracts 0.3% in Q4
UK gross domestic product (GDP) in volume terms decreased by 0.3 per cent in the fourth quarter of 2011, revised from a decline of 0.2 per cent previously estimated. For the year 2011, GDP in volume terms increased by 0.7 per cent. 2012-03-28
U.K. GDP Expands by 1 Percent in Q3
After three consecutive periods of falling gross domestic product (GDP), the UK's economy grew by 1 per cent during the third quarter of 2012. 2012-10-25



GDP Growth Rate | Notes

The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.






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