United Kingdom GDP Growth Rate

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.80 percent in the second quarter of 2014 over the previous quarter. GDP Growth Rate in the United Kingdom averaged 0.62 Percent from 1955 until 2014, reaching an all time high of 5.30 Percent in the first quarter of 1973 and a record low of -2.50 Percent in the second quarter of 1958. 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
0.80 0.80 5.30 -2.50 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.


UK GDP Expands 0.8% in Q2


The UK economy advanced 0.8 percent on quarter in the three months to June, the same growth rate recorded in the previous period, driven by the services sector. Preliminary estimates showed the economy is now 0.2 percent bigger than in the first quarter of 2008, its previous peak.

The largest contribution to Q2 2014 GDP growth came from services; these industries increased by 1.0 percent, contributing 0.77 percentage points to the increase in GDP. This followed an increase of 0.8 percent in Q1 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). In Q2 2014 output from services was 2.9 percent above its previous peak in Q1 2008, prior to the economic downturn. 

There was also an upward contribution (0.05 percentage points) from production; these industries rose by 0.4 percent, with energy supply increasing by 4.7 percent following a decrease of 6.4 percent in Q1 2014, manufacturing increasing by 0.2 percent following an increase of 1.5 percent in Q1 2014, and mining & quarrying increasing by 0.9 percent following an increase of 0.8 percent in Q1 2014. Partially offsetting these rises was a decrease of 2.5 percent in water & waste management. 

Construction output decreased by 0.5 percent in Q2 2014 when compared with Q1 2014, contributing -0.03 percentage points to GDP growth. The fall in construction output followed a rise of 1.5 percent in Q1 2014. Compared with the previous month, May 2014 saw a dip in construction output of 1.1 percent following a rise of 1.2 percent in April 2014. Early responses for June 2014 indicate a rise into June but this still leaves the level of output in Q2 2014 below that of Q1 2014, mainly due to a strong January 2014.  

Year-on-year, the GDP advanced 3.1 percent in the second quarter of 2014, the highest growth rate since the last quarter of 2007.

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
7/25/2014 10:15:06 AM


Recent Releases

Investment Drives UK GDP Growth in Q1
The British economy expanded 0.8 percent in the first quarter of 2014, according to final figures and unchanged from the previous estimates, driven by business investment. Year-on-year, the GDP advanced 3 percent, slightly down from a preliminary 3.1 percent estimate. Published on 2014-06-27

UK GDP Growth Unrevised at 0.8% in Q1
UK GDP advanced 0.8 percent in the first quarter of 2014, unrevised from last month's preliminary estimate. While production, construction and services expanded on the quarter, agriculture shrank by 0.7 percent. Published on 2014-05-22


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-29 09:30 AM United Kingdom
GDP Growth Rate QoQ Prel
Q1 2014 0.8% 0.7% 0.9% 0.92%
2014-05-22 09:30 AM United Kingdom
GDP Growth Rate QoQ - 2 Est
Q1 2014 0.8% 0.7% 0.8% 0.8%
2014-06-27 09:30 AM United Kingdom
GDP Growth Rate QoQ Final
Q1 2014 0.8% 0.7% 0.8% 0.8%
2014-07-25 09:30 AM United Kingdom
GDP Growth Rate QoQ Prel
Q2 2014 0.8% 0.8% 0.8% 0.82%
2014-08-29 09:30 AM United Kingdom
GDP Growth Rate QoQ - 2 Est
Q2 2014 0.8% 0.8% 0.8%


GDP Last Previous Highest Lowest Unit
GDP 2522.26 2461.77 2857.08 72.33 USD Billion [+]
GDP Growth Rate 0.80 0.80 5.30 -2.50 Percent [+]
GDP Annual Growth Rate 3.10 3.00 10.20 -6.80 Percent [+]
GDP Constant Prices 393512.00 390389.00 393512.00 88041.00 GBP Million [+]
Gross National Product 408480.00 401631.00 409331.00 4776.00 GBP Million [+]
GDP per capita 37955.11 37569.79 40230.96 13478.93 USD [+]
Gross Fixed Capital Formation 56901.00 55896.00 70435.00 10182.00 GBP Million [+]
GDP per capita PPP 32722.52 32880.58 34605.04 17907.45 USD [+]





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