UK economy grew in 2019

UK business scene

According to the final numbers available, the size of the UK economy grew by 1.4% in 2019, but slowed down in the final part of the year.

What are the details for 2019?

The size of the UK economy;
• Increased by 1.4% overall in 2019
• Services increased (such as banking, IT, legal)
• Production contracted by 1.4% (such as manufacturing).

What about more recently?

For the last three months of 2019 (October to December), the size of the UK economy;

• Stood still overall, which means there was no growth or decline
• Services increased by 0.2% (such as banking, IT, legal)
• Production contracted by 0.7% (such as manufacturing).

So the UK economy looked weaker at the end of the year?

Overall, the size of the UK economy went up and down throughout 2019. Economists look at three month periods called a Quarter. For the January to March quarter, the economy grew; for April to June the economy contracted; for July to September it grew again; and for October to December it stood still. However, the final three months shows things slowing down again.

The figures above do not show any impact from the economic shut down due to Coronavirus health measures, which came after the dates shown.

How does this compare with other similar countries?

The UK economy stood still with 0% growth in the last quarter of 2019. This compares with 0.1% for the EU (including the UK); -0.1% for France; 0% for Germany; -0.3% for Italy; 0.1% for Canada; -1.8% for Japan; and 0.5% for the USA.

Update 30/06/2020

The ONS have just released an updated figure for 2019, which shows UK economic growth of 1.5% for the year, 0.1% higher then previously estimated.  Although it seems odd that the data would be amended, this is normal practice in most countries as more information becomes available.

 

Sources

This information is published by the Office for National Statistics, which is the official UK government agency that provides data for the UK.

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/octobertodecember2019#headline-gdp

2019 updated figures –

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/januarytomarch2020