GDP up 0.3 per cent

UK GDP grew by 0.3 per cent in the first quarter of 2015



UK GDP grew by 0.3 per cent in the first quarter of 2015, according to the latest quarterly national accounts from the Office for National Statistics (ONS).

This is down from 0.6 per cent in the last quarter and 0.9 per cent a year ago.

The key points from the latest release from the ONS are:

  • Change in gross domestic product (GDP) is the main indicator of economic growth. GDP is estimated to have increased by 0.3% in Quarter 1 (Jan to Mar) 2015 compared with growth of 0.6% in Quarter 4 (Oct to Dec) 2014.
  • Output increased in services by 0.5% in Quarter 1 (Jan to Mar) 2015. The other 3 main industrial groupings within the economy decreased, with construction falling by 1.6%, production by 0.1% and agriculture by 0.2%.
  • GDP was 2.4% higher in Quarter 1 (Jan to Mar) 2015 compared with the same quarter a year ago.
  • In Quarter 1 (Jan to Mar) 2015, GDP was estimated to have been 4.0% higher than the pre-economic downturn peak of Quarter 1 (Jan to Mar) 2008. From the peak in Quarter 1 (Jan to Mar) 2008 to the trough in Quarter 2 (Apr to June) 2009, the economy shrank by 6.0%.
  • The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data become available, but these revisions are typically small between the preliminary and third estimates of GDP.
  • All figures in this release are seasonally adjusted.

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