GDP Quarterly National Accounts, UK - April To June 2023

29th September 2023

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.

UK gross domestic product (GDP) is estimated to have increased by an unrevised 0.2% in Quarter 2 (Apr to June) 2023.

UK GDP is now estimated to have increased by 0.3% in Quarter 1 (Jan to Mar) 2023, revised up from a previous estimate of 0.1%, while growth across all quarters of 2022 is unrevised.

In output terms, growth in the latest quarter was driven by a 1.2% increase in the production sector, where there were increases in 9 out of the 13 sub-sectors; this reflects falling input prices across the quarter relieving some pressure on manufacturers.

The household saving ratio grew by 9.1% in the latest quarter, up from 7.9% in Quarter 1 2023, with income (driven by a rise in social benefits together with increased wages and salaries) growing more than expenditure.

Real households' disposable income (RHDI) grew by 1.2% in Quarter 2 (Apr to June) 2023 following no change in the previous quarter.

Read the full report HERE