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Gross Domestic Product (GDP): Key Economic Indicators

Published Tuesday, July 10, 2018

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

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The economy grew by 0.2% in March-May 2018 compared to 0.4% in the previous quarter (December 2017-February 2018).

On a monthly basis, GDP was estimated to have increased by 0.3% in May, following growth of 0.2% in April and 0.0% in March. Monthly data are more volatile than quarterly estimates.

This is the first time that ONS has published monthly estimates of GDP (enabling production of estimates for rolling quarters). Estimates for calendar quarters, which use a more detailed approach to estimate GDP, are shown in the chart. 

Quarterly GDP growth

Forecasts

The Treasury’s June 2018 survey of independent forecasts for GDP growth showed an average forecast of 1.4% for 2018 and 1.5% for 2019.

At the March 2018 Spring Statement, the Office for Budget Responsibility (OBR) forecast growth of 1.5% in 2018 and 1.3% in 2019.

Commons Briefing papers SN02783

Author: Feargal McGuinness

Topic: Economic situation

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