GDP Q1 2020 Quarterly National Accounts
Joint-largest contraction in GDP since Q3 1979
- GDP fell by 2.2% in Q1 2020 from the previous quarter, revised downwards by 0.2 percentage points from the previous estimate – the joint largest fall since Q3 1979.
- Compared with the same quarter a year ago, the UK economy fell by 1.7%, downwardly revised 0.1 percentage points from the previous estimate.
- GDP increased by 1.5% between 2018 and 2019, revised upwards by 0.1 percentage points from the previous estimate.
- Services output contracted 2.3%, in Q1 2020, a 0.4 percentage points downward revision from the previous estimate. Declines were reported in most sub-industries, notably education, wholesale and retail trade and repair of motor vehicles and motorcycles, food and beverage, accommodation and travel agencies.
- Production output is estimated to have fallen by an upwardly revised 1.5% in Q1 2020 driven by a revision to manufacturing output as new data was made available on the manufacture of pharmaceutical goods.
- Construction output fell by 1.7% in Q1 2020, upwardly revised from the previous estimate. The slowdown in construction growth resonated with other data sources with the coronavirus cited as the main reason for the reduced level of activity.
- Concerningly, household consumption declined 2.9% in the first quarter of 2020, revised downwards 1.2 percentage points and now the largest decline since Q3 1979.
- This was driven by sharp declines in spending in the transport, restaurants and hotels, and clothing and footwear categories.
- The household savings ratio accelerated to 8.6% in Q1 2020, compared with 6.6% in Q4 2019.
UK GDP, Quarter 1 (Jan to Mar) 2008 to Quarter 1 (Jan to Mar) 2020
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