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UK economy grew by 0.7% in Q4

The UK economy saw growth of 0.7% in Q4 2013, according to the Office for National Statistics (ONS).

The ONS said gross domestic product (GDP) was up by 1.9%, the strongest position since 2007.

Joe Grice, chief economist at the ONS, said: “We've seen growth in most parts of the economy.”

The growth continues the consecutive improvements the UK economy has seen, although it is slightly below Q3s growth of 0.8%. Annual UK growth is still below pre-recession levels in 2007 which saw the economy growing by 3.4%.

Key points:

  • Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.7% in Q4 2013 compared with Q3 2013.
  • Output increased in three of the four main industrial groupings within the economy in Q4 2013 compared with Q3 2013. Output increased by 0.5% in agriculture, 0.7% in production and 0.8% in services. However, output decreased by 0.3% in construction.
  • In Q4 2013 GDP was estimated to be 1.3% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%.
  • GDP was 2.8% higher in Q4 2013 compared with the same quarter a year ago. GDP is estimated to have increased by 1.9% in 2013, compared with 2012.
  • The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data becomes available, but these are typically small between the preliminary and third estimates of GDP.

 

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