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Gross Domestic Product (GDP): Key Economic Indicators

Published Wednesday, September 19, 2018

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

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The economy grew by 0.6% in May-July 2018 compared to the previous quarter (February-April).

At face value this is a fairly strong rate of growth, but the latest quarter is being compared with February-April when there was zero growth. This comparison flatters the growth figure for May-July. The Office for National Statistics points out that “monthly growths in the current period weren’t notably strong”.

GDP was estimated to have increased by 0.3% in July compared to the previous month, following growth of 0.1% in June and of 0.3% in May. Monthly data are more volatile than quarterly estimates.

In cash terms, GDP was £2,041 billion in 2017.

GDP growth, % change on previous quarter

Forecasts

The Treasury’s September 2018 survey of independent forecasts for GDP growth showed an average forecast of 1.3% 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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