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.

   
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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 29, 2014.


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.

Household final consumption expenditure rose by 0.8 percent in Q3 2014, thirteen consecutive quarter of growth. Government consumption increased by 1.1 percent, following a 1 percent rise in Q2 2014. Non-profit institutions serving households final consumption increased by 0.4 percent, slowing from a 1.3 percent increase in Q2 2014.

Gross fixed capital formation was estimated to have increased by 1.0 percent, following a 1.3 percent increase in the previous three months. Business investment is estimated to have fallen by 0.7 percent, driven by intellectual property products (IPP), and in particular the software component of this asset.

The trade deficit widened from £8.9 billion in Q2 2014 to £11.2 billion in Q3 2014 as exports fell by 0.4 percent while imports increased by 1.4 percent.

Year-on-year, the GDP expanded 3 percent in the third quarter of 2014, unrevised from the preliminary estimate. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
11/26/2014 11:52:56 AM


Recent Releases

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. Published on 2014-10-24

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-09-30 09:30 AM
GDP Growth Rate QoQ Final  Q2 2014
0.9% 0.7% (R) 0.8% 0.8%
2014-10-24 09:30 AM
GDP Growth Rate QoQ Prel  Q3 2014
0.7% 0.9% 0.7% 0.83%
2014-11-26 09:30 AM
GDP Growth Rate QoQ - 2 Est  Q3 2014
0.7% 0.9% 0.7%
2014-12-23 09:30 AM
GDP Growth Rate QoQ Final  Q3 2014
0.9%
2015-01-27 09:30 AM
GDP Growth Rate QoQ Prel  Q4 2014
0.8%


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 73242.00 72529.00 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 0.50 May/14 1.10 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 1.90 Aug/14 2.00 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 0.10 Aug/14 -0.10 2.10 -3.70 percent [+]
India 1.20 May/14 1.90 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 -0.40 Aug/14 -1.90 3.20 -4.00 percent [+]
Mexico 0.50 Aug/14 0.90 2.90 -6.60 percent [+]
Netherlands 0.20 Aug/14 0.60 2.00 -2.20 percent [+]
Russia 0.25 May/14 0.07 4.10 -5.40 percent [+]
South Korea 0.90 Aug/14 0.50 6.80 -7.00 percent [+]
Spain 0.50 Aug/14 0.50 1.53 -1.60 percent [+]
Switzerland 0.00 May/14 0.50 1.90 -2.20 percent [+]
Turkey -0.50 May/14 1.80 6.69 -7.57 percent [+]
United Kingdom 0.70 Aug/14 0.90 5.00 -2.70 percent [+]
United States 3.90 Aug/14 4.60 16.90 -10.00 percent [+]