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Gross Domestic Product (GDP): Key Economic Indicators

Published Friday, August 9, 2019

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

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The economy contracted by 0.2% in Quarter 2 2019 (April-June) compared to the previous quarter (January-March). This was the first time the economy has contracted since 2012. This followed growth of 0.5% in Quarter 1.

Output in both the production and construction sectors contracted in Quarter 2, while the growth in services was subdued.

Looking at month-on-month growth rates, GDP was flat in June after growth of 0.2% in May, and a contraction of 0.5% in April. (These monthly figures are more volatile than the quarterly estimates.)

In cash terms, GDP was £2,118 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 July 2019 survey of independent forecasts for GDP growth showed an average forecast of 1.3% for 2019 and 1.4% for 2020.

Commons Briefing papers SN02783

Author: Andy Powell

Topic: Economic situation

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