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March 29, 2019UK GDP Q4 2018 (SECOND ESTIMATE) The Office for National Statistics' second estimate of UK Gross Domestic Product for Q4 2018 reports a deceleration to a seasonally adjusted annualized rate of 0.9 per cent, compared to growth of 2.8 per cent in the third quarter. The growth rate for the fourth quarter was unrevised compared to the previous estimate.
Growth in the quarter was driven by rising service output, but the pace of growth for 2018 was the slowest since 2011. Production declined in the quarter across all four subsectors (manufacturing, mining, water supply/sewerage, and electricity, gas, steam and air). Construction output contributed negatively to growth in Q4.
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, but business investment declined in each quarter in 2018 due to falling transport equipment, IT equipment and other machinery. Net trade was drag on growth in 2018 reflecting a diminished effect of previous currency depreciation and slowing global economy.
Office for National Statistics
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