Britain's gross domestic product expanded 1.2 percent year-on-year in the second quarter of 2019, slowing from 1.8 percent in the previous period and missing market consensus of 1.4 percent. It has not been weaker since the start of 2018. GDP Annual Growth Rate in the United Kingdom averaged 2.44 percent from 1956 until 2019, reaching an all time high of 9.70 percent in the first quarter of 1973 and a record low of -6.10 percent in the first quarter of 2009.

GDP Annual Growth Rate in the United Kingdom is expected to be 1.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in the United Kingdom to stand at 1.40 in 12 months time. In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 1.70 percent in 2020, according to our econometric models.

United Kingdom GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-03-29 09:30 AM GDP Growth Rate YoY Final Q4 1.4% 1.6% 1.3% 1.3%
2019-05-10 08:30 AM GDP Growth Rate YoY Prel Q1 1.8% 1.4% 1.8% 1.8%
2019-06-28 08:30 AM GDP Growth Rate YoY Final Q1 1.8% 1.4% 1.8% 1.8%
2019-08-09 08:30 AM GDP Growth Rate YoY Prel Q2 1.2% 1.8% 1.4% 1.4%
2019-09-30 08:30 AM GDP Growth Rate YoY Final Q2 1.8% 1.2% 1.2%
2019-11-11 09:30 AM GDP Growth Rate YoY Prel Q3 1.3%
2019-12-20 09:30 AM GDP Growth Rate YoY Final Q3 1.3%



UK GDP Annual Growth Slows to Over 1-Year Low

Britain's gross domestic product expanded 1.2 percent year-on-year in the second quarter of 2019, slowing from 1.8 percent in the previous period and missing market consensus of 1.4 percent. It has not been weaker since the start of 2018.

On the expenditure side, household expenditure rose 1.8 percent in the second quarter (vs 1.9 percent in Q1); and government spending advanced 2.7 percent (vs 1.6 percent in Q1). Meanwhile, fixed investment growth slowed to 0.5 percent (vs 0.9 percent in Q1) amid a further decline in business investment (-1.6 percent vs -1.5 percent).

Exports rose 0.5 percent, after a 3 percent advance in Q1; while imports fell 0.8 percent, compared to a 14.3 percent jump in the previous period. As a result, the trade deficit narrowed to £4.373 billion from £6.286 billion in Q2 2018.

On the production side, the service industries expanded 1.6 percent (vs 2.1 percent in Q1) as output rose for: distribution, hotels and restaurants (2.6 percent vs 4.4 percent); transport storage and communications (4.6 percent vs 4.8 percent); business services and finance (0.7 percent vs 0.8 percent); and government and other services (0.9 percent vs 1.2 percent). Industrial production fell 0.5 percent (vs 0.3 percent in Q1), as output contracted for manufacturing (-0.9 percent vs 0.9 percent) and utilities (-0.3 percent vs -6.3 percent). By contrast, mining and quarrying output grew 1.9 percent (vs 4.9 percent in Q1) and water supply, sewerage, waste management and remediation activities rose 0.9 percent (vs 0.5 percent in Q1). Construction expansion slowed to 1.4 percent from 3.2 percent in Q1.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/9/2019 9:17:42 AM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.20 0.50 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.20 1.80 9.70 -6.10 percent [+]
GDP 2825.21 2637.87 3084.12 72.33 USD Billion [+]
GDP Constant Prices 513029.00 514019.00 514019.00 111480.00 GBP Million [+]
Gross National Product 537794.00 527584.00 537794.00 4755.00 GBP Million [+]
Gross Fixed Capital Formation 85921.00 86756.00 86756.00 13572.00 GBP Million [+]
GDP per capita 42986.00 42669.60 42986.00 13827.40 USD [+]
GDP per capita PPP 40158.00 39862.30 40158.00 26303.10 USD [+]
Economic Activity Index 1.00 1.00 6.00 -6.30 percent [+]
GDP From Agriculture 2832.00 2843.00 3074.00 2214.00 GBP Million [+]
GDP From Construction 28324.00 28683.00 28683.00 19264.00 GBP Million [+]
GDP From Manufacturing 45071.00 46130.00 46560.00 40088.00 GBP Million [+]
GDP From Mining 4815.00 4832.00 10332.00 3984.00 GBP Million [+]
GDP From Public Administration 20825.00 20852.00 24234.00 20573.00 GBP Million [+]
GDP From Services 367577.00 367205.00 367577.00 178666.00 GBP Million [+]
GDP From Transport 20081.00 20076.00 20081.00 10071.00 GBP Million [+]


United Kingdom GDP Annual Growth Rate

The United Kingdom is the sixth largest economy in the world and the second largest in Europe after Germany. 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. This page provides the latest reported value for - United Kingdom GDP Annual 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 Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.20 1.80 9.70 -6.10 1956 - 2019 percent Quarterly
SA




Country Last Previous
China 6.20 Jun/19
Indonesia 5.05 Jun/19
India 5.00 Jun/19
United States 2.30 Jun/19
Spain 2.10 Jun/19
Netherlands 2.00 Jun/19
South Korea 2.00 Jun/19
Saudi Arabia 1.70 Mar/19
Canada 1.60 Jun/19
Australia 1.40 Jun/19
France 1.40 Jun/19
Euro Area 1.20 Jun/19
United Kingdom 1.20 Jun/19
Brazil 1.00 Jun/19
Japan 1.00 Jun/19
Russia 0.90 Jun/19
South Africa 0.90 Jun/19
Argentina 0.60 Jun/19
Germany 0.40 Jun/19
Switzerland 0.20 Jun/19
Singapore 0.10 Jun/19
Italy -0.10 Jun/19
Mexico -0.80 Jun/19
Turkey -1.50 Jun/19


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