United Kingdom GDP

United Kingdom

United Kingdom: Growth in economic activity accelerates in the second quarter

July 28, 2015

In Q2, GDP expanded a seasonally-adjusted 0.7% over the previous quarter, according to a preliminary estimate released by the Office for National Statistics (ONS) on 28 July. The print almost doubled the 0.4% increase recorded in the previous quarter and met market expectations.

In the first quarter, construction recorded flat growth, which was up from the 0.2% contraction seen in the previous quarter. In addition, growth in industry accelerated from a weak 0.2% in the first quarter to 1.0% in the second quarter. The agricultural sector contracted 0.7% in Q2 (Q1: -2.3% quarter-on-quarter) and services improved from a 0.4% rise in Q1 to a 0.7% increase in Q2.

Nevertheless, in annual terms, GDP growth decelerated from 2.9% in the first quarter to 2.6% in the second quarter, which marked the slowest increase since Q4 2013.

In its latest inflation report from February, the Bank of England projects that the economy will grow 2.9% in both 2015 and 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.6% in 2015, which is unchanged from the previous month’s estimate. The panel sees GDP expanding 2.4% in 2016.

Author:, Senior Economist

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United Kingdom GDP Chart

United Kingdom GDP Q2 2015

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Office for National Statistics (ONS) and FocusEconomics Consensus Forecast.

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