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Gross Domestic Product (GDP): Key Economic Indicators

Published Wednesday, September 20, 2017

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

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The economy grew by 0.3% in Q2 2017 compared to the previous quarter, following growth of 0.2% in Q1 2017.

The ONS reports the growth in Q2 2017 was driven by services, which grew by 0.5% compared with 0.1% growth in Q1 2017. Construction and manufacturing were the largest downward pulls on GDP growth.

GDP in Q2 2017 was 1.7% higher than a year before.

GDP has now increased for 18 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 September 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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