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

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.40 percent in the first 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.

      Forecast
United Kingdom GDP Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.40 0.80 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. Content for - United Kingdom GDP Growth Rate - was last refreshed on Sunday, July 5, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-04-28 09:30 AM Q1 0.3% 0.6% 0.5% 0.5%
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 0.4% 0.35%
2015-08-28 09:30 AM Q2 0.4%
2015-09-30 09:30 AM Q2 0.4%


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.

The revision is mainly due to the introduction of the interim solution for the Construction and Cost Price Indices which have impacted on both the construction industry and gross fixed capital formation estimates.

Gross fixed capital formation surged 2.0 percent in Quarter 1 2015, revised up 0.5 percentage points from the previously published estimate and following a meager 0.1 percent growth in Quarter 4 2014.

Household expenditure rose by 0.9 percent, revised up 0.4 percentage points from the previously published estimate, and better than a 0.7 percent increase in the last three months of 2014.

Government consumption went up 0.9 percent, revised up 0.3 percentage points, and following a 0.1 percent increase in Quarter 4 2014.

Non-profit institutions serving households’ expenditure rose by 2.6 percent, unchanged from the previously published estimate and rebounding from a 3.2 percent fall in Quarter 4 2014.

The trade balance deficit widened from £10.6 billion in Quarter 4 2014 to £13.4 billion in Quarter 1 2015 Exports increased 0.4 percent, compared with a 0.3 percent fall in the previous estimates, but slowing from a 4.5 percent increase in Quarter 4 2014. Imports increased by 2.3 percent, unchanged from the previous estimates and following a 1.6 percent increase in Quarter 4 2014.

2014 figures were also revised upwards to show the economy expanded 0.8 percent in the last quarter from a 0.6 percent increase earlier reported. The GDP advanced 3.0 percent in 2014, revised up 0.2 percentage points from the previously published estimate. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
6/30/2015 11:13:47 AM


Recent Releases

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

UK GDP Growth Confirmed at 0.5% in Q4
The British economy grew 0.5 percent in the last three months of 2014, slowing from a 0.7 percent rise in the previous period, second estimates released by the Office for National Statistics showed.
Published on 2015-02-26


United Kingdom GDP Last Previous Highest Lowest Unit
GDP 2522.26 2461.77 2857.08 72.33 USD Billion [+]
GDP Growth Rate 0.40 0.80 5.00 -2.70 percent [+]
GDP Annual Growth Rate 2.90 3.40 9.80 -5.80 percent [+]
GDP Constant Prices 432995.00 431386.00 432995.00 102017.00 GBP Million [+]
Gross National Product 444819.00 440734.00 444819.00 4726.00 GBP Million [+]
GDP per capita 37955.11 37569.79 40230.96 13478.93 USD [+]
Gross Fixed Capital Formation 76099.00 74628.00 76099.00 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 0.90 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 1.30 Mar/15 1.50 2.50 1.30 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 0.80 Mar/15 0.30 6.80 -7.00 percent [+]
Spain 1.00 Jun/15 0.90 1.53 -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 0.40 Mar/15 0.80 5.00 -2.70 percent [+]
United States -0.20 Mar/15 2.20 16.90 -10.00 percent [+]