United Kingdom GDP Growth Rate  1955-2017 | Data | Chart | Calendar

The British economy advanced 0.7 percent on quarter in the three months to December of 2016, following a downwardly revised 0.5 percent expansion in the previous period and in line with a second estimate. Net trade and consumer spending boosted growth while business investment contracted. Year-on-year, the economy grew 1.9 percent, worse than a second estimate of a 2 percent expansion. Considering 2016 full year, the GDP advanced 1.8 percent. GDP Growth Rate in the United Kingdom averaged 0.61 percent from 1955 until 2016, 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.

United Kingdom GDP Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2017-01-26 09:30 AM Q4 0.6% 0.6% 0.5% 0.4%
2017-02-22 09:30 AM Q4 0.7% 0.6% 0.6% 0.6%
2017-03-31 08:30 AM Q4 0.7% 0.5% 0.7% 0.7%
2017-04-28 08:30 AM Q1 0.7% 0.4% 0.5%
2017-05-25 08:30 AM Q1 0.7% 0.5%
2017-06-30 08:30 AM Q1 0.7% 0.5%




UK Q4 GDP Growth Confirmed At 0.7%


The British economy advanced 0.7 percent on quarter in the three months to December of 2016, following a downwardly revised 0.5 percent expansion in the previous period and in line with a second estimate. Net trade and consumer spending boosted growth while business investment contracted.

From the expenditure side, the positive contribution to GDP came from net trade (1.7 percentage points), and household final consumption expenditure (0.4 percentage points). In contrast, gross capital formation subtracted 1.6 percentage points from growth.

Exports jumped by 4.6 percent, following a 2.1 percent drop in the previous period, while imports shrank 1 percent following a 2.3 percent gain. As a result, the trade deficit narrowed to £10.0 billion from £18.1 billion in Q3. 

Household expenditure advanced by 0.7 percent (from 0.8 percent in Q3); and gross fixed capital formation edged up 0.1 percent (0.6 percent in Q3), despite a 0.9 percent contraction in business investment (from 0.4 percent in Q3), driven by falls within the other buildings and structures and transport equipment assets. Meanwhile, government spending showed no growth (from -0.1 percent in Q3); and the level of inventories rose by £12 million, following an increase of £1,448 million in the previous period.

From the production side, the service industries increased by 0.8 percent following a 0.9 percent gain in Q3 and marking the 16th consecutive quarter of growth. Output rose for: Distribution, hotels and catering (2 percent from 1.1 percent in Q3); transport, storage and communication (0.8 percent from 2.6 percent); business services and finance (0.5 percent from 0.7 percent); and government and other services (0.3 percent, the same as in Q3). Industrial output increased by 0.4 percent (-0.4 percent in Q3), as output expanded for: manufacturing (1.2 percent from -0.7 percent in Q3); electricity, gas, steam and air conditioning supply (4 percent from -4.3 percent); and water supply and sewerage (0.9 percent from -0.1 percent). By contrast, output from mining and quarrying (including oil and gas extraction) contracted by 6.9 percent (4.5 percent in Q3). Construction output advanced by 1 percent, following a 0.3 percent fall the previous period; and agriculture grew 1 percent, the first increase in four quarters. 

Compared to the same period of 2015, the economy expanded 1.9 percent, worse than a second estimate of a 2 percent expansion.

Looking at 2016 as a whole, growth slowed to 1.8 percent from 2.2 percent in 2015 and 3.1 percent in 2014.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/31/2017 9:11:44 AM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.70 0.50 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.90 2.00 9.80 -6.10 percent [+]
GDP 2858.00 2998.83 3063.01 72.33 USD Billion [+]
GDP Constant Prices 470527.00 467437.00 470527.00 107263.00 GBP Million [+]
Gross National Product 492534.00 482206.00 492534.00 4748.00 GBP Million [+]
Gross Fixed Capital Formation 78054.00 77941.00 80420.00 13405.00 GBP Million [+]
GDP per capita 41187.68 40620.02 41187.68 13868.61 USD [+]
GDP per capita PPP 38865.59 38329.92 38865.59 26629.01 USD [+]
GDP From Agriculture 3101.00 3071.00 3267.00 2350.00 GBP Million [+]
GDP From Construction 26573.00 26298.00 26573.00 20035.00 GBP Million [+]
GDP From Manufacturing 41591.00 41091.00 43548.00 37451.00 GBP Million [+]
GDP From Mining 7309.00 7854.00 16722.00 6493.00 GBP Million [+]
GDP From Public Administration 18933.00 18973.00 22274.00 18888.00 GBP Million [+]
GDP From Services 336908.00 334386.00 336908.00 171542.00 GBP Million [+]
GDP From Transport 18160.00 17933.00 18739.00 9402.00 GBP Million [+]


United Kingdom GDP Growth Rate Notes

The Services sector is the most important and accounts for 79 percent to total GDP. The biggest segments within Services are: government, education and health (19 percent of total GDP); real estate (12 percent); professional, scientific and technical activities and administrative and support services (12 percent); wholesale and retail trade (11 percent); and financial and insurance (8 percent). Industry accounts for 21 percent of the GDP and the largest segments within this sector are: manufacturing (10 percent of total GDP) and construction (6 percent). The Agriculture sector accounts for only 1 percent of GDP. Composition of the GDP on the expenditure side: household consumption (65 percent), government expenditure (20 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 28 percent of GDP while imports account for 30 percent, subtracting 2 percent from GDP. This page provides the latest reported value for - United Kingdom GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on April of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.70 0.50 5.00 -2.70 1955 - 2016 percent Quarterly



Last
Bangladesh 7.05 Dec/16
Venezuela 6.80 Dec/13
Vietnam 6.68 Dec/16
Sri Lanka 5.30 Dec/16
Pakistan 4.71 Dec/16
Cape Verde 4.50 Dec/14
Costa Rica 4.30 Dec/16
Morocco 4.30 Mar/17
Nigeria 4.09 Dec/16
Algeria 4.00 Dec/14
Macedonia 3.90 Mar/14
United Arab Emirates 3.90 Dec/15
Turkey 3.80 Dec/16
Egypt 3.40 Sep/16
Angola 3.00 Dec/16
Iceland 2.60 Dec/16
Ireland 2.50 Dec/16
United States 2.10 Dec/16
Estonia 1.90 Dec/16
Ukraine 1.90 Dec/16
El Salvador 1.70 Dec/16
Malta 1.70 Dec/16
Philippines 1.70 Dec/16
India 1.60 Dec/16
Poland 1.60 Dec/16
Israel 1.50 Dec/16
Tanzania 1.50 Sep/10
Uruguay 1.50 Dec/16
Lithuania 1.40 Dec/16
Malaysia 1.40 Dec/16
Romania 1.40 Dec/16
China 1.30 Mar/17
Luxembourg 1.30 Dec/16
Kazakhstan 1.26 Dec/13
Hong Kong 1.20 Dec/16
Slovenia 1.20 Dec/16
Australia 1.10 Dec/16
Ghana 1.10 Sep/16
Latvia 1.10 Dec/16
Norway 1.10 Dec/16
Bosnia and Herzegovina 1.00 Sep/16
Colombia 1.00 Dec/16
Mauritius 1.00 Dec/16
Mongolia 1.00 Dec/16
Sweden 1.00 Dec/16
Albania 0.90 Dec/16
Bulgaria 0.90 Dec/16
Saudi Arabia 0.90 Sep/16
Slovakia 0.80 Dec/16
Uganda 0.80 Dec/16
Cyprus 0.70 Dec/16
Mexico 0.70 Dec/16
Spain 0.70 Dec/16
United Kingdom 0.70 Dec/16
Canada 0.60 Dec/16
Croatia 0.60 Dec/16
Moldova 0.60 Dec/16
Netherlands 0.60 Dec/16
Peru 0.60 Dec/16
Portugal 0.60 Dec/16
Argentina 0.50 Dec/16
Austria 0.50 Dec/16
Belgium 0.50 Dec/16
Denmark 0.50 Dec/16
Ecuador 0.50 Sep/16
European Union 0.50 Dec/16
South Korea 0.50 Dec/16
Taiwan 0.45 Dec/16
Czech Republic 0.40 Dec/16
Euro Area 0.40 Dec/16
France 0.40 Dec/16
Germany 0.40 Dec/16
Hungary 0.40 Dec/16
New Zealand 0.40 Dec/16
Thailand 0.40 Dec/16
Cameroon 0.30 Mar/16
Japan 0.30 Dec/16
Italy 0.20 Dec/16
Serbia 0.20 Dec/16
Tunisia 0.20 Dec/16
Botswana 0.10 Dec/16
Kenya 0.10 Sep/16
Switzerland 0.10 Dec/16
Belize 0.04 Sep/16
Finland 0.00 Dec/16
Paraguay -0.30 Dec/16
South Africa -0.30 Dec/16
Chile -0.40 Dec/16
Bolivia -0.56 Mar/16
Russia -0.57 Sep/15
Brazil -0.90 Dec/16
Jamaica -1.10 Dec/16
Rwanda -1.10 Dec/16
Greece -1.20 Dec/16
Mozambique -1.70 Dec/16
Namibia -1.70 Dec/16
Senegal -1.70 Sep/16
Indonesia -1.77 Dec/16
Singapore -1.90 Mar/17
Qatar -2.10 Oct/16
Dominican Republic -2.18 Sep/16
Bahrain -2.70 Dec/16
Trinidad And Tobago -3.30 Sep/16