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UK GDP since 1948

Category : Business

Gross domestic product is the economic output of Britain. We compare GDP now and in the past
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Britain has officially stuck in its second recession in three years after official figures confirmed GDP unexpectedly shrank by 0.3% between January and March, not the 0.2% contraction first reported.

The key numbers from this second estimate by the Office for National Statistics are that

• UK gross domestic product (GDP) in volume terms decreased by 0.3% in the first quarter of 2012, revised from a previously estimated decline of 0.2%
• Output of the production industries fell by 0.4%, within which manufacturing output was flat
• Output of the service industries rose by 0.1%, while output of the construction industry fell by 4.8%
• Household final consumption expenditure increased by 0.1% in volume terms in the latest quarter

A technical recession is defined as two or more consecutive quarters of economic decline.

The data we have gathered shows percentage change in GDP going back to 1948, we have a spreadsheet to download that shows GDP in cash, ie what it was that year not adjusted for inflation, total inflation-adjusted figures and per capita inflation adjusted figures.

The figures show this recession is now worse than the 1930s – thanks to the National Institute of Economic and Social Research for the data.

As several of our posters below have pointed out, there’s more to life than GDP – but here are the latest GDP figures from the ONS for you to explore.

Data summary

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DATA: UK GDP since 1948

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