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March 31, 2020UK GDP Q4 2019 (SECOND ESTIMATE) The Office for National Statistics' second estimate of UK Gross Domestic Product for Q4 2019 reports a deceleration to a seasonally adjusted annualized rate of 0.1 per cent, compared to growth of 2.1 per cent in the third quarter. The growth rate for the fourth quarter was unrevised compared to the previous estimate. Compared to the fourth quarter of 2018, the UK economy has grown by 1.1 per cent. In Q4, UK real GDP growth was attributable to rising government spending while household consumption was flat and capital investment declined. By industry, growth this quarter was mainly due to growth in services sector but services growth slowed, while production sector growth declined.
The Office for National Statistics notes that UK economic growth has been volatile throughout the 2019, owing to changes in timing of the UK's exit date from the European Union. Beyond this volatility, there are signs that UK economic growth is slowing because of higher levels of domestic and global uncertainty. The 1.4 per cent growth in GDP in 2019 is one of the slowest rates since the financial crisis. Private consumption in 2019 slowed compared to 2018 while government consumption made a large contribution to growth. Net trade contribution to growth was essential flat in 2019 in the UK.
Office for National Statistics
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