United Kingdom GDP Growth Rate

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.70 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in the United Kingdom is reported by the Office for National Statistics. From 1955 until 2013, the United Kingdom GDP Growth Rate averaged 0.6 Percent reaching an all time high of 5.3 Percent in March of 1973 and a record low of -2.5 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 provides - United Kingdom GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-23

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.70 0.80 5.30 -2.50 0.92 | 2014/03 1955 - 2013 Percent Quarterly

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United Kingdom GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-12-20 09:30 AM United Kingdom
GDP Growth Rate QoQ - Final
Q3 2013 0.8% 0.8% (R) 0.8% 0.8%
2014-01-28 09:30 AM United Kingdom
GDP Growth Rate QoQ Prel
Q4 2013 0.7% 0.8% 0.7% 0.66%
2014-02-26 09:30 AM United Kingdom
GDP Growth Rate QoQ - 2 Est
Q4 2013 0.7% 0.8% 0.7% 0.7%
2014-03-28 09:30 AM United Kingdom
GDP Growth Rate QoQ Final
Q4 2013 0.7% 0.8% 0.7% 0.7%
2014-04-29 09:30 AM United Kingdom
GDP Growth Rate QoQ Prel
Q1 2014 0.7% 0.92%
2014-05-22 09:30 AM United Kingdom
GDP Growth Rate QoQ - 2 Est
Q1 2014 0.7%
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GDP Last Previous Highest Lowest Forecast Unit
GDP per capita 37849.57 2012-12-31 38032.40 40027.05 13478.93 37647.96 2014-06-30 USD [+]
GDP per capita PPP 32722.52 2012-12-31 32880.58 34605.04 17907.45 32548.22 2014-06-30 USD [+]
GDP Growth Rate 0.70 2013-12-31 0.80 5.30 -2.50 0.92 2014-03-31 Percent [+]
GDP Annual Growth Rate 2.70 2013-12-31 1.80 10.20 -6.80 1.87 2014-03-31 Percent [+]
GDP Constant Prices 387138.00 2013-11-15 384996.00 392786.00 88041.00 392270.39 2014-06-30 GBP Million [+]
Gross Fixed Capital Formation 55896.00 2013-11-15 54709.00 70435.00 10182.00 56518.49 2014-03-31 GBP Million [+]
Gross National Product 400795.00 2013-11-15 398055.00 409331.00 4776.00 404888.51 2014-03-31 GBP Million [+]
GDP 2440.00 2012-12-31 2431.59 2810.97 72.33 2480.52 2014-06-30 USD Billion [+]
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UK GDP Growth Confirmed at 0.7% in Q4

UK economy advanced 0.7 percent quarter on quarter in the last three months of 2013, in line with previous estimates. Full-year GDP growth in 2013 was revised down to 1.7 percent from 1.8 percent recorded earlier.

Total production output grew by 0.5 percent in Q4 2013 compared with Q3 2013, unrevised from the second estimate. The largest production component, manufacturing, increased by 0.6 percent, revised down 0.1 percentage points from the previous estimate. 

Construction output fell by 0.2 percent in Q4 2013, revised down from the previously estimated 0.2 percent increase and follows a 2.6 percent increase in the previous quarter. The service industries grew by 0.8 percent, unrevised from the previous estimate. 

On the expenditure side, household final consumption expenditure rose by 0.4percent in Q4 2013 and has increased for nine consecutive quarters, boosted by expenses of clothing and footwear; housing, water, electricity, gas and other fuels and furnishings and household equipment.

Government final consumption expenditure was flat, revised down 0.3 percentage points from the previous estimate. Gross fixed capital formation increased by 1.9 percent, a downward revision of 0.5 percentage points from the previous estimate.

The trade balance deficit has almost halved between Q3 2013 and Q4 2013, decreasing from £ 8.0 billion in Q3 2013 to £ 4.2 billion in Q4 2013, with exports increasing by 2.8 percent and imports falling by 0.4 percent. 

The final figure for Q4 showed the economy slowed from a 0.8 percent expansion in the previous two quarters. Total output is still 1.4 percent below the pre-financial crisis peak reached in the first three months of 2008. 

Considering full 2013, the economy advanced at its fastest pace in three years. The GDP grew 1.7 percent, up from 0.3 percent in 2012. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
3/28/2014 11:40:51 AM

RECENT RELEASES

UK GDP Growth Confirmed at 0.7% in Q4
UK's GDP rose 0.7 percent on a quarter-on-quarter basis in the last three months of 2013, matching initial estimates and recording its fourth consecutive quarter of growth. Compared with the same quarter of 2012, the GDP expanded 2.7 percent, revised down 0.1 percentage points from the previously estimated 2.8 percent increase. Published on 2014-02-26

UK GDP Growth Matches Expectations in Q4 2013
In the fourth quarter of 2013, UK's GDP grew 0.7 percent over the previous quarter, boosted by the services sector. Though matching market expectations, preliminary estimates showed the economy slowed in the last three months of 2013 from a 0.8 percent growth rate recorded in the previous two quarters. Published on 2014-01-28


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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