UK GDP Growth Speeds Up to 1.4% YoY

In Q2, UK's GDP was 1.4 percent higher compared with the same quarter a year ago, driven by the services sector which expanded 2.2 percent. It is the strongest yearly growth rate since Q1 of 2011.

Within services, the index for distribution, hotels and restaurants increased by 4.0 percent; transport, storage and communications output rose 2.0 percent and business services and finance output increased was up by 1.5 percent. Government and other services output increased by 1.6 percent when compared to the same quarter a year earlier.

Between Q2 of 2012 and Q2 of 2013, agriculture output decreased by 5.6 percent; the index of production fell 0.9 percent while construction output decreased was down 1.0 percent.

It is important to note that Q2 of 2012 contained an extra bank holiday for the Queen’s Diamond Jubilee.

Before the sharp fall in output in 2008 and 2009 the economy peaked in Q1 2008. From peak to trough the economy shrank by 7.2 percent and in Q2 of 2013 GDP was estimated to be 3.3 percent below the peak in Q1 2008.

UK GDP Growth Speeds Up to 1.4% YoY

ONS | Nuno Fontes |
7/25/2013 11:41:19 AM