UK Gross Domestic Product: Regularly updated data on growth and forecasts.Jump to full report >>
The economy grew by 0.3% in December 2018-February 2019 compared to the previous quarter (September-November).
The quarterly growth came mostly from growth in services – production increased slightly, while construction decreased. Looking at month-on-month growth rates, GDP was estimated to grow by 0.5% in January and by 0.2% in February. (These monthly figures are more volatile than the quarterly estimates.)
In cash terms, GDP was £2,115 billion in 2018.
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 April 2019 survey of independent forecasts for GDP growth showed an average forecast of 1.3% for 2019 and 1.5% for 2020.
Commons Briefing papers SN02783
Author: Andy Powell
Topic: Economic situation