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Gross Domestic Product (GDP): Key Economic Indicators

Published Monday, June 10, 2019

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

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The economy grew by 0.3% in February-April 2019 compared to the previous quarter (November 2018-January 2019).

The services sector was the largest contributor to the quarterly growth, while  production and construction also contributed positively.

Looking at month-on-month growth rates, GDP contracted by 0.4% in April. (These monthly figures are more volatile than the quarterly estimates.)

In cash terms, GDP was £2,115 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 May 2019 survey of independent forecasts for GDP growth showed an average forecast of 1.4% for 2019 and 1.5% for 2020.

Commons Briefing papers SN02783

Author: Andy Powell

Topic: Economic situation

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