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- UK GDP growth accelerated in line with forecasts in Q1
UK GDP growth accelerated in line with forecasts in Q1
According to the report from Office for National Statistics, UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.5% in Quarter 1 (Jan to Mar) 2019, unrevised from the first estimate for this quarter.
When compared with the same quarter a year ago, UK GDP increased by 1.8% to Quarter 1 (Jan to Mar) 2019; up from 1.4% in the year to Quarter 4 (Oct to Dec) 2018.
The services sector provided the largest contribution to growth in the output approach to measuring GDP, while production also contributed positively, due largely to growth of 1.9% in manufacturing output. Household expenditure, government consumption and investment contributed positively to GDP growth in Quarter 1 2019, while net trade contributed negatively.
Nominal GDP increased by 0.9% in Quarter 1 2019, revised down from the first estimate of 1.0%, in part reflecting weaker than expected wages and salaries data.
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