Commenting on today’s GDP figures Head of National Accounts Rob Kent-Smith said:
“Growth in the UK economy continued to slow in the three months to November 2018 after performing more strongly through the middle of the year. Accountancy and housebuilding again grew but a number of other areas were sluggish.
“Manufacturing saw a steep decline, with car production and the often-erratic pharmaceutical industry both performing poorly.”
Rolling three-month growth in the services sector was 0.3%, making the sector the largest contributor to gross domestic product (GDP) growth. The construction sector also had a positive contribution, with rolling three-month growth of 2.1%. However, growth of negative 0.8% in the production sector acted as a drag on GDP growth.Nôl i'r tabl cynnwys
Rolling three-month growth was 0.3% in November 2018, continuing the return to moderate growth rates after some volatility earlier in the year, in part related to the weather.
Rolling three-month growth is based on output gross value added (GVA) and therefore there will be discrepancies in the time series with our quarterly estimates of gross domestic product (GDP), which include information on the expenditure and income approaches to measuring GDP.Nôl i'r tabl cynnwys
|Index of Services||-0.1%||0.2%||0.3%|
|Index of Production||-0.5%||-0.5%||-0.4%|
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Monthly gross domestic product (GDP) growth was 0.2% in November 2018, following flat growth in September 2018 and growth of 0.1% in October 2018.
The monthly growth rate for GDP is volatile and therefore it should be used with caution and alongside other measures such as the three-month growth rate when looking for an indicator of the longer-term trend of the economy. However, it is useful in highlighting one-off changes that can be masked by three-month growth rates.Nôl i'r tabl cynnwys
Monthly growth in the services sector was 0.3% in November 2018. The main driver to growth was retail sales, which saw a boost from Black Friday promotions. This was partially offset by a slight contraction in legal activities and accounting.
The services sector rolling three-month growth to November 2018 was 0.3%. Professional and scientific activities was the largest contributor, with a contribution of 0.14 percentage points to gross domestic product (GDP) growth. Other notable contributors were information and communication, and human health activities. As seen in Figure 4, the professional and scientific industry and the information and communication industry have performed well since 2016, with growth over this period outstripping services as a whole.Nôl i'r tabl cynnwys
Month-on-month growth in the production industries was negative 0.4%. This was driven by weakness in manufacturing, and mining and quarrying, the latter due to unplanned maintenance.
Rolling three-month growth in production was negative 0.8%. As shown in Figure 5, all four main production sub-sectors experienced negative growth; the last time this happened was in October 2012. Maintenance across several months resulted in growth of negative 1.1% in mining and quarrying. Within manufacturing 10 out of 13 sub-industries contracted, driving the negative 0.8% growth in manufacturing.Nôl i'r tabl cynnwys
The construction sector had month-on-month growth of 0.6% in November 2018.
Rolling three-month growth for construction was 2.1% in November 2018, driven by new work in housebuilding and infrastructure.
The construction sector experienced high growth in the summer months, due partly to a bounce back from weakness in the spring. However, as illustrated in Figure 6, growth has remained at these high levels.Nôl i'r tabl cynnwys
The Gross domestic product (GDP) Quality and Methodology Information report contains important information on:
- the strengths and limitations of the data and how it compares with related data
- uses and users of the data
- how the output was created
- the quality of the output including the accuracy of the data
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