UK GDP Growth Unrevised at 0.8% in Q1

UK GDP advanced 0.8 percent in the first quarter of 2014, unrevised from last month's preliminary estimate. While production, construction and services expanded on the quarter, agriculture shrank by 0.7 percent.

Total production output grew by 0.7 percent in Q1 2014 compared with Q4 2013. Electricity, gas, steam and air conditioning fell by 5.1 percent, while output from mining and quarrying including oil and gas extraction was unchanged. Manufacturing output increased by 1.4 percent between Q4 2013 and Q1 2014, revised up 0.1 percentage points from the previous estimate. Construction output increased by 0.6 percent in Q1 2014. 

The service industries grew by 0.9 percent in Q1 2014, unrevised from the previous estimate, following a 0.8 percent increase in Q4 2013 and marking the fifth consecutive quarter of positive growth. The increase was broad based with the largest contributions coming from the wholesale and retail industries and the scientific, administration and support industries, which grew by 1.8 percent and 1.7 percent respectively. 

On the expenditure side, household consumption rose by 0.8 percent and has increased for ten consecutive quarters. Government expenditure increased by 0.1 percent, gross fixed capital formation by 0.6 percent and non-profit institutions expenditure fell by 2.2 percent. Exports fell by 1.0 percent, while imports also fell by slightly more than exports (1.1 percent)

Between Q1 2014 and Q1 2013, the GDP increased by 3.1 percent, unchanged from the preliminary estimate.

UK GDP Growth Unrevised at 0.8% in Q1

ONS | Joana Taborda |
5/22/2014 10:28:17 AM