UK GDP Advances 2.8% YoY in Q4 2013

Preliminary estimates showed the UK's economy advanced 2.8 percent yoy in the last quarter of 2013, up from 1.9 percent in the previous period. It is the highest growth rate since the first three months of 2008.

Year-on-year, distribution, hotels and restaurants output recorded the highest growth rate (4.7 percent), followed by construction (4.5 percent), business services and finance (3.2 percent) and production (2.7 percent).

Transport, storage and communication output increased by 1.4 percent and government and other services 1.2 percent. In contrast, agriculture output decreased sharply by 6 percent. 

On a quarter-on-quarter basis, the GDP increased by 0.7 percent, moderating from 0.8 percent recorded in the previous two quarters. Output increased in three of the four main industrial groupings within the economy (0.5 percent in agriculture, 0.7 percent in production and 0.8 percent in services). However, output decreased by 0.3 percent in construction.

Considering the full-year growth for 2013, the economy posted the strongest gorwth rate since 2007 and expanded 1.9 percent, up from 0.3 percent in 2012. Yet, total output in Q4 2013 is still 1.3 percent below the peak reached in the first quarter of 2008.

 UK GDP Advances 2.8% YoY in Q4 2013

ONS | Joana Taborda |
1/28/2014 10:20:37 AM