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June 29, 2018UK GDP Q1 2018 (THIRD ESTIMATE) The Office for National Statistics' third estimate of UK Gross Domestic Product for Q1 2018 is an increase of 0.2 per cent or 1.0 per cent at an annualized rate, revised up from the second estimate due to update construction sector data.
Services were the main contributor to growth this quarter, increasing 0.3 per cent, but continuing to indicate a weakening of domestic consumer spending. Construction was the largest downward contributor, contracting by 0.8 per cent. Production increased 0.4 per cent with increases in electricity, gas, steam and air conditioning; mining and quarrying; and water supply industries but a decline in manufacturing.
Household spending continued to slow with growth of 0.2 per cent, the lowest rate since Q1 2012. Gross fixed capital formation decreased 1.3 per cent. The trade deficit in volume terms narrowed in Q1 with imports decreasing 0.2 per cent and exports remaining flat.
Office for National Statistics
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