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Gross Domestic Product (GDP): Key Economic Indicators

Published Wednesday, October 16, 2019

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

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The economy grew by 0.3% in Quarter 3 (July-September) 2019 compared to the previous quarter (April-June).

This followed a contraction of 0.2% in Quarter 2 2019, the first time the economy had contracted since 2012.

The services sector was the main driver of the Quarter 3 growth.

Growth was 1.0% in the year to Quarter 3 2019, the lowest rate of annual growth since Quarter 1 2010.

Looking at month-on-month growth rates, GDP contracted by 0.1% in September and by 0.2% in August following growth of 0.3% in July. (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 October 2019 survey of independent forecasts for GDP growth showed an average forecast of 1.2% for 2019 and 1.0% for 2020. This was unchanged from the September survey. The 2020 forecast was 1.2% in the August survey.

Commons Briefing papers SN02783

Author: Andy Powell

Topic: Economic situation

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