UK GDP Growth Confirmed at 0.7% in Q4

UK economy advanced 0.7 percent quarter on quarter in the last three months of 2013, in line with previous estimates. Full-year GDP growth in 2013 was revised down to 1.7 percent from 1.8 percent recorded earlier.
ONS | Joana Taborda | 3/28/2014 11:40:51 AM
Total production output grew by 0.5 percent in Q4 2013 compared with Q3 2013, unrevised from the second estimate. The largest production component, manufacturing, increased by 0.6 percent, revised down 0.1 percentage points from the previous estimate. 

Construction output fell by 0.2 percent in Q4 2013, revised down from the previously estimated 0.2 percent increase and follows a 2.6 percent increase in the previous quarter. The service industries grew by 0.8 percent, unrevised from the previous estimate. 

On the expenditure side, household final consumption expenditure rose by 0.4percent in Q4 2013 and has increased for nine consecutive quarters, boosted by expenses of clothing and footwear; housing, water, electricity, gas and other fuels and furnishings and household equipment.

Government final consumption expenditure was flat, revised down 0.3 percentage points from the previous estimate. Gross fixed capital formation increased by 1.9 percent, a downward revision of 0.5 percentage points from the previous estimate.

The trade balance deficit has almost halved between Q3 2013 and Q4 2013, decreasing from £ 8.0 billion in Q3 2013 to £ 4.2 billion in Q4 2013, with exports increasing by 2.8 percent and imports falling by 0.4 percent. 

The final figure for Q4 showed the economy slowed from a 0.8 percent expansion in the previous two quarters. Total output is still 1.4 percent below the pre-financial crisis peak reached in the first three months of 2008. 

Considering full 2013, the economy advanced at its fastest pace in three years. The GDP grew 1.7 percent, up from 0.3 percent in 2012. 

UK GDP Growth Confirmed at 0.7% in Q4