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February 11, 2019UK GDP Q4 2018 (FIRST ESTIMATE) The Office for National Statistics' first estimate of UK Gross Domestic Product for Q4 2018 reports a deceleration to a seasonally adjusted annualized rate of 0.7 per cent, compared to growth of 2.5 per cent in the third quarter.
The services sector output eased in the quarter, but still contributed positively to growth with an increase in professional, scientific, administration and support services. Production fell in the quarter with lower manufacturing output on partial closures of multiple car manufacturing plants. Construction industry output fell due to a decline in new private housing and repair and maintenance.
For 2018, UK real GDP increased 1.4 per cent the slowest pace since 2009 (data not final). Private consumption growth slowed from the pace of previous two years with the diminished purchasing power of households. Gross capital formation was positive for 2018 due to movements in inventories and valuables while gross fixed capital formation was flat. Net trade was drag on growth in 2018 reflecting a diminished effect of previous currency depreciation.
Office for National Statistics
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