29 Apr 2014
UK GDP increased by 0.8 percent in the first quarter of 2014
FXStreet (London) - UK GDP increased by 0.8 percent in the first quarter of 2014, according to preliminary estimates from the Office for National Statistics. The increase was a slight miss on consensus expectations of a 0.9 percent rise.
The increase in GDP adds to 0.7 percent growth in the final quarter of 2014, with the largest contribution to the increase came from the services sector. which increased by 0.9 percent. According to the ONS, in the latest quarter there were increases in three of the four main aggregates; output increased by 0.9 percent in services, 0.8 percent in production and 0.3 percent in construction. Agriculture was the only aggregate to decline, down 0.7 percent.
The preliminary estimates place UK GDP 3.1 percent higher compared to the same quarter in 2013.
The increase in GDP adds to 0.7 percent growth in the final quarter of 2014, with the largest contribution to the increase came from the services sector. which increased by 0.9 percent. According to the ONS, in the latest quarter there were increases in three of the four main aggregates; output increased by 0.9 percent in services, 0.8 percent in production and 0.3 percent in construction. Agriculture was the only aggregate to decline, down 0.7 percent.
The preliminary estimates place UK GDP 3.1 percent higher compared to the same quarter in 2013.