The gross domestic product in the United Kingdom expanded 1.5 percent year-on-year in the third quarter of 2018, unrevised from the preliminary estimate and up from 1.4 percent in the previous period. It was the strongest growth rate since the last quarter of 2017 mainly driven by household consumption while business investment dropped the most since the first quarter of 2016 and net trade contributed negatively. GDP Annual Growth Rate in the United Kingdom averaged 2.45 percent from 1956 until 2018, 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 1.50 in 12 months time. In the long-term, the United Kingdom GDP Annual Growth Rate is projected to trend around 1.50 percent in 2020, according to our econometric models.

United Kingdom GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-08-10 08:30 AM GDP Growth Rate YoY Prel 1.3% 1.2% 1.2% 1.4%
2018-09-28 08:30 AM GDP Growth Rate YoY Final 1.2% 1.1% 1.3% 1.3%
2018-11-09 09:30 AM GDP Growth Rate YoY Prel 1.5% 1.2% 1.5% 1.5%
2018-12-21 09:30 AM GDP Growth Rate YoY Final 1.5% 1.4% 1.5% 1.5%
2019-02-11 09:30 AM GDP Growth Rate YoY Prel 1.5% 1.3%
2019-03-29 09:30 AM GDP Growth Rate YoY Final 1.5% 1.3%
2019-05-10 08:30 AM GDP Growth Rate YoY Prel 1.3%



UK Q3 GDP Annual Growth Confirmed at 1.5%

The gross domestic product in the United Kingdom expanded 1.5 percent year-on-year in the third quarter of 2018, unrevised from the preliminary estimate and up from 1.4 percent in the previous period. It was the strongest growth rate since the last quarter of 2017 mainly driven by household consumption while business investment dropped the most since the first quarter of 2016 and net trade contributed negatively.

On the expenditure side, household expenditure rose 1.8 percent in the third quarter, the same as in Q2. By contrast, government spending fell 0.4 percent after being unchanged in the previous period, and fixed investment dropped 0.3 percent (vs -0.5 percent in Q2) as business investment contracted the most since the first quarter of 2016 (-1.8 percent vs 0.2 percent).

Exports declined 1.3 percent, following a 0.5 percent fall in Q2; while imports rose 0.2 percent, after decreasing by 0.1 percent the previous period. As a result, the trade deficit widened to £6.5 billion from £4.2 billion in Q3 2017. 

On the production side, the service industries expanded 1.7 percent (vs 1.6 percent in Q2), as output rose for: distribution, hotels and restaurants (3.1 percent vs 2.7 percent); transport storage and communications (4 percent vs 3.1 percent); business services and finance (1.5 percent vs 1.8 percent); and government and other services (0.1 percent, the same as in Q2). Industrial production went up 0.7 percent (vs 1.1 percent in Q2), as output rose for manufacturing (1.3 percent vs 2 percent) and mining and quarrying (0.5 percent vs -0.9 percent). Electricity, gas, steam and air conditioning supply shrank 1.8 percent after a 1 percent contraction in the previous period; and water supply, sewerage, waste management and remediation activities also declined 0.7 percent, following a 2.1 percent drop in Q2. Construction expanded 1.6 percent, reversing a 0.1 percent decrease in Q2.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/21/2018 10:26:40 AM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 0.40 5.00 -2.70 percent [+]
GDP Annual Growth Rate 1.50 1.40 9.70 -6.10 percent [+]
GDP 2622.43 2650.85 3074.36 72.33 USD Billion [+]
GDP Constant Prices 510013.00 506928.00 510013.00 111480.00 GBP Million [+]
Gross National Product 521840.00 520008.00 521840.00 4755.00 GBP Million [+]
Gross Fixed Capital Formation 85843.00 85417.00 86673.00 13572.00 GBP Million [+]
GDP per capita 42514.49 42039.74 42514.49 13827.45 USD [+]
GDP per capita PPP 39753.24 39309.33 39753.24 26454.41 USD [+]
GDP From Agriculture 2916.00 2908.00 3074.00 2214.00 GBP Million [+]
GDP From Construction 28555.00 27902.00 28555.00 19264.00 GBP Million [+]
GDP From Manufacturing 45795.00 45600.00 46560.00 40088.00 GBP Million [+]
GDP From Mining 4635.00 4570.00 10332.00 3984.00 GBP Million [+]
GDP From Public Administration 20827.00 20803.00 24234.00 20573.00 GBP Million [+]
GDP From Services 363657.00 361804.00 363657.00 178666.00 GBP Million [+]
GDP From Transport 19509.00 19370.00 19874.00 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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.40 9.70 -6.10 1956 - 2018 percent Quarterly




Country Last Previous
India 7.10 Sep/18
China 6.50 Sep/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Saudi Arabia 2.50 Sep/18
Netherlands 2.40 Sep/18
Spain 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Dec/18
Canada 2.10 Sep/18
South Korea 2.00 Sep/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -3.50 Sep/18


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