Business investment in the UK: January to March 2020 revised results

• Business investment fell by 0.3%, in volume terms, between Quarter 4 (Oct to Dec) 2019 and Quarter 1 (Jan to Mar) 2020.

• Other buildings and structures made the largest negative contribution to the quarter-on-quarter fall in business investment; information and communication technology (ICT) equipment, other machinery, and equipment made the largest positive contribution.

• When compared with the same quarter a year ago, business investment increased by 0.8%; other buildings and structures made the largest positive contribution to this increase.

• This is the ninth consecutive quarter for which ICT equipment, other machinery, and equipment has contributed negatively to business investment, when compared with the same quarter a year ago.

• Gross fixed capital formation (GFCF) fell by 1.1% in volume terms, between Quarter 4 2019 and Quarter 1 2020; general government made the largest negative contribution to this fall on a sector basis.

• When compared with the same quarter a year ago, GFCF fell by 2.5%.

Quality and methodology information on strengths, limitations, appropriate uses, and how the data were created is available in the Business investment QMI.

Changes to this bulletin

We have changed the format for the Business investment in the UK statistical bulletin.

The latest estimates of business investment and gross fixed capital formation are discussed in more detail in the GDP quarterly national accounts, UK: January to March 2020.

The impact of COVID-19 on our estimation methods

In Quarter 1 (Jan to Mar) 2020, the Quarterly Acquisitions and Disposals of Capital Assets Survey, one of the largest data sources for gross fixed capital formation (GFCF) and business investment, had a response rate of 67%. This compares with an average response rate of 82% during 2019.

To mitigate against that reduced response, we reviewed survey imputation methods to address particular areas of non-response and reviewed and, where necessary, changed our seasonal adjustment parameters where outliers were identified.

Coronavirus (COVID-19) data

Our latest data and analysis on the impact of the coronavirus (COVID-19) on the UK economy and population is available on a coronavirus page. This is the hub for all special coronavirus-related publications, including the fortnightly Business Impact of Coronavirus (COVID-19) Survey (BICS).

The Office for National Statistics (ONS) has released a public statement on COVID-19 and the production of statistics. Specific queries must be directed to the Media Relations Office.