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Gross Domestic Product (GDP): Key Economic Indicators

Published Wednesday, October 25, 2017

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

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The economy grew by 0.4% in Q3 2017 compared to the previous quarter, following growth of 0.3% in the two previous quarters.

The ONS reports the growth in Q3 2017 was driven by services. Growth in this sector was 0.4%, the same rate as Q2 2017. In Q3, industrial production also grew, by 1.0%, while construction decreased by 0.7%.

GDP in Q3 2017 was 1.5% higher than a year before.

GDP has now increased for 19 consecutive quarters and is estimated to have grown by 1.8% in 2016, compared to growth of 2.3% in 2015.

Forecasts

In October 2017, the Treasury survey of independent forecasts for GDP growth showed an average forecast of 1.6% for 2017 and 1.4% for 2018. Both figures were unchanged from the September survey.

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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