UK GDP Growth Confirmed at 7-Year High


The British economy advanced 2.7 percent year-on-year in the last quarter of 2014, unchanged from the preliminary estimate. It is the highest growth rate since the last three months of 2007, driven by rise in consumption, investment and net trade.

Year-on-year, household consumption accelerated for the fourth straight quarter to 2.2 percent, making the largest contribution to growth (1.4 percent). 

Exports increased 1.3 percent while imports rose at a slower 0.8 percent. As a result, net trade added 0.5 percent to growth, first positive contribution in six quarters.

Government consumption and investment rose 2.2 percent and 2 percent respectively, adding 0.4 percent each to growth. 

On a quarter-on-quarter seasonally adjusted basis, the economy expanded 0.5 percent. Second estimates confirmed the GDP slowed for the second consecutive quarter. 

Considering full 2014, the GDP grew 2.6 percent, the highest gain in seven years.

UK GDP Growth Confirmed at 7-Year High


ONS | Joana Taborda | joana.taborda@tradingeconomics.com
2/26/2015 11:18:22 AM