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Gross Domestic Product (GDP): Key Economic Indicators

Published Wednesday, January 15, 2020

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

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The economy grew by 0.1% in September-November 2019 compared to the previous quarter (June-August).

The services and production sectors were the positive contributors to GDP growth in September-November, although growth in services weakened to 0.1%. Output in the production sector contracted.

In the latest calender quarter (July-September 2019), the economy grew by 0.4%.

Looking at month-on-month growth rates, GDP contracted by 0.3% in November following growth of 0.1% in October and September. (These monthly figures are more volatile than the quarterly estimates.)

In cash terms, GDP was £2,140 billion in 2018.

Forecasts

At the March 2019 Spring Statement, the Office for Budget Responsibility (OBR) forecast growth of 1.2% for 2019 and 1.4% for 2020.

The Treasury’s January 2020 survey of independent forecasts for GDP growth showed an average forecast of 1.3% for 2019 and 1.1% for 2020.

Commons Briefing papers SN02783

Author: Andy Powell

Topic: Economic situation

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