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Gross Domestic Product (GDP): Key Economic Indicators

Published Friday, July 21, 2017

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

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The economy grew by 0.2% 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. The ONS reports the slowdown was mainly due to lower output from some consumer-facing services, such as retail and accommodation.

GDP in Q1 2017 was 2.0% 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

In July 2017, the Treasury survey of independent forecasts for GDP growth showed an average forecast of 1.6% for 2017 and 1.4% for 2018.

In March 2017, the Office for Budget Responsibility (OBR) forecast growth of 2.0% in 2017 and 1.6% in 2018.

Commons Briefing papers SN02783

Author: Feargal McGuinness

Topic: Economic situation

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