UK GDP estimated to have increased by 0.2% in Q2, revised from first estimate contraction of 0.1%; services and construction output registered increases, while production output fell: ONS

LONDON , September 30, 2022 (press release) –

Revised quarterly estimate of gross domestic product (GDP) for the UK. Uses additional data to provide a more precise indication of economic growth than the first estimate.

Main points

• UK gross domestic product (GDP) is estimated to have increased by 0.2% in Quarter 2 (Apr to June) 2022, upwardly revised from a first estimate contraction of 0.1%.
• Services output are estimated to have increased by 0.2% in Quarter 2 2022, reflecting an easing in information and communication, and professional, scientific and technical activities output; there was also continued weakness in the wholesale and retail trade, and health industries.
• Estimates show that UK GDP contracted by a downwardly revised 11.0% in 2020, reflecting the effects of coronavirus (COVID-19) restrictions, while UK GDP is now estimated to have expanded by an upwardly revised 7.5% in 2021.
• The level of real GDP is now estimated to be 0.2% below where it was pre-coronavirus at Quarter 4 (Oct to Dec) 2019, downwardly revised from previous estimates of 0.6% above.
• The implied GDP deflator rose by 5.2% in the year to Quarter 2 2022, primarily driven by an 8.2% increase in the implied price of household consumption; there was a 6.0% rise in the implied price of imports, including the effects of higher gas prices over the quarter.
• While falling to 7.6% in Quarter 2 2022, our Blue Book 2022-consistent saving ratio suggests that households have saved more of their incomes during and after the coronavirus pandemic than we previously estimated.
• This release contains data that are consistent with the UK National Accounts: Blue Book 2022, which will be released on 31 October 2022, and, as such, data for all periods within this release are subject to revision in line with the National Accounts Revision Policy; further detail on these changes is available in Section 6: Revisions to GDP.

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