Q1 2018 UK GDP final revision 29 June 2018

  • Prior 0.1%. Q4 2017 0.4%
  • % vs 1.2% exp y/y. Prior 1.2%.. Revised to 1.3% Q4 1.4%
  • Business investment -0.4% vs -0.2% exp q/q. Prior -0.2%
  • 2.0% vs 2.0% exp. Prior 2.0%
  • Current account -17.72bn vs -18.00bn exp. Prior -18.44bn

Construction was the main driver and that was due to some methodology changes. That might not make this report better in reality.

Notes

  • Construction pushed up GDP due to improved collation & methodology
  • Household expenditure rose 0.2%, while saving ratio fell 0.4% in Q1 2018
  • Gross disposable household income rose at fast rate than prices
  • Gross fixed cap down 1.3% q/q Q1 2018
  • Unrounded GDP (two-decimal points) went from 0.10% to 0.23% in Q1 2018
  • IoS m/m rise was highest growth rate since Nov 2017
  • Net trade now showing a slight positive contribution to GDP
  • UK Current account deficit was 17.7B Q1 2018 (3.4% of GDP)
  • Total trade narrowed to 3.8B Q1 2018 from 5.7B Q4 2017
  • Goods imports fell 2.3B to 118.2B, exports rose 1.4B to 87.0B

Ryan Littlestone

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Ryan Littlestone

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