Fact Service July 2018

Issue 27

Growth for early 2018 revised upwards

The UK economy performed slightly better at the start of 2018 than previously thought, according to the Office for National Statistics (ONS).

The economy, as measured by gross domestic product (GDP), grew by 0.2% in first quarter of 2018 compared with the final quarter of 2017, revised up from the second estimate of 0.1%.

GDP was 1.2% higher than the same quarter 2017.

Quarter-on-quarter, manufacturing output contracted by 0.1%, but was 2.5% higher than the same quarter 2017.

The production industries — manufacturing, mining and utilities — saw output increase by 0.4% on the final quarter of last year 2017 and by 2.4% on the first quarter of 2017.

The output of services, which account for 80% on the economy, was unchanged at 0.3% and was 1.2% higher than the same quarter 2017.