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Gross Domestic Product (GDP): Key Economic Indicators

Published Friday, April 28, 2017

UK Gross Domestic Product: Regularly updated data on growth and forecasts.

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This page will not be updated during the dissolution period before the General Election. Updated GDP data for Q1 2017 will be published by the Office for National Statistics on 25 May in its Second Estimate of GDP release.

The economy grew by 0.3% in Q1 2017 compared to the previous quarter, following growth of 0.7% in Q4 2016.

This was the slowest rate of growth for four quarters, since Q1 2016. ONS reports this mainly reflected slower growth in the services sector, which grew by 0.3% in Q1 2017 compared to 0.8% in Q4 2016.

GDP in Q1 2017 was 2.1% higher than a year before.

GDP has now increased for 17 consecutive quarters and is estimated to have grown by 1.8% in 2016, compared to growth of 2.2% in 2015.

GDP in cash terms was £1,940 billion in 2016.

Forecasts

The latest Office for Budget Responsibility (OBR) forecasts, published alongside the 2017 Spring Budget, are for growth of 2.0% in 2017 and 1.6% in 2018. By comparison, in November 2016 the OBR had forecast growth of 1.4% in 2017 and 1.7% in 2018.

In April 2017, the Treasury survey of independent forecasts for GDP growth showed an average forecast of 1.7% for 2017 and 1.3% for 2018. The next Treasury survey of independent forecasts will be published on 17 May.

Commons Briefing papers SN02783

Author: Feargal McGuinness

Topic: Economic situation

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