UK GDP stable at 0.4% in the 1st quarter

UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.4% in Quarter 1 (Jan to Mar) 2016, unrevised from the second estimate of GDP published on 26 May 2016. This is the 13th consecutive quarter of positive growth since Quarter 1 2013.

Since Quarter 1 2015, revisions to GDP quarterly volume growths are small - with a 0.2 percentage point downward revision to Quarter 1 2015 and Quarter 2 (Apr to June) 2015 partially being offset by a 0.1 percentage point upward revision to Quarter 4 (Oct to Dec) 2015.

Between 2014 and 2015, GDP in volume terms increased by 2.2%, revised down 0.1 percentage points from the previous estimate. Between Quarter 1 2015 and Quarter 1 2016, GDP in volume terms increased by 2.0%, unrevised from the previously published estimate.

GDP decreased by 6.3% from the peak in Quarter 1 2008 to the trough in Quarter 2 2009, a little deeper than previously estimated. Having regained its pre-downturn peak in Quarter 3 2013 (one quarter later than previously published), GDP in Quarter 1 2016 is currently 7.0% above its pre-downturn peak.