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May 13, 2019UK GDP Q1 2019 (FIRST ESTIMATE) The Office for National Statistics' first estimate of UK Gross Domestic Product for Q1 2019 reports a seasonally adjusted annualized rate of 2.0 per cent, compared to growth of 0.9 per cent in the fourth quarter. Compared to the first quarter of 2018, the UK economy has grown by 1.8 per cent.
Growth in the quarter was driven by a notable increase in the production sector (manufacturing, mining, oil and gas, electric, gas, steam and air; water supply, sewage) with manufacturing output rising. The UK Manufacturing Purchasing Managers Index (PMI) found that companies started to build-up inventories in advance of Brexit and for new orders. Mining and quarrying production was up in Q1 2019 with rising production in relatively new oil fields. Construction output was up in the first quarter of 2019 after a fairly weak 2018. The service sector slowed after strong performance in the second half of 2018. Wholesale, retail and motor trade strengthened while professional, scientific and technical activities declined in Q1.
Office for National Statistics
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