Government of Nova Scotia, Canada

Home > Economics and Statistics > Archived Daily Stats
The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.

<--- Return to Archive

For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

October 01, 2021
UK GDP Q2 2021 (SECOND ESTIMATE)

The Office for National Statistics (ONS)' second estimate of UK Gross Domestic Product (seasonally adjusted annualized rate) for Q2 2021 reports growth of 23.9% following an annualized 5.3% decline in Q1. In the second estimate, growth was revised upward for this quarter compared to the first estimate. Compared to pre-pandemic quarter (Q4 2019), the UK economy is 3.3% smaller in Q2 2021. For Q2 2021, output increased in services, production and construction as COVID-19 restrictions were eased.

After contracting in the first quarter, services output grew in the second quarter with increased activity in wholesale, retail, accommodation and food services and education and human health, and social work sectors grew amid easing coronavirus restrictions and the re-opening of schools. These sectors provided the largest contributions to growth this quarter. Services output is now 2.2% below pre-pandemic levels.

Production activity was 2.8% lower than pre-pandemic levels as manufacturing grew 1.8% (unrevised) for the quarter. Motor vehicle production fell for the second consecutive quarter due to the global semiconductor shortage. Construction output was revised upward for the quarter, posting growth of 3.8% in Q2 2021. 

 

A seasonally adjusted annualized rate shows what the percent change would be if the quarterly rate was compounded for four quarters. Reporting annualized rates facilitates comparability between annual and quarterly growth but can exaggerate change when series are volatile. UK GDP did not grow by 23.9% from Q1 2021 to Q2 2021.  Rather it would take four quarters of compounded growth at the same pace as reported in Q1 to increase UK GDP by 23.9%. UK real GDP increased 5.5% from Q1 2021 to Q2 2021 (seasonally adjusted, non-annualized).  

Office for National Statistics



<--- Return to Archive