United Kingdom GDP

United Kingdom

United Kingdom: GDP continues to expand at a healthy pace in Q2, preliminary estimate shows

July 25, 2014

In the second quarter of 2014, GDP expanded a seasonally-adjusted 0.8% over the previous quarter according to a preliminary estimate released by the Office for National Statistics (ONS) on 25 July (Q1: +0.8% quarter-on-quarter). The reading was in line with market expectations. In annual terms, GDP grew 3.1%, which was up from the 3.0% expansion recorded in the first quarter and marked the strongest expansion since Q4 2007.

The ONS provided a breakdown of GDP growth by sector, which showed that the expansion came on the back of stronger performance of the services sector. The agricultural and construction sectors, conversely, tallied contractions in Q2. Industry continued to expand in Q2, although at a more moderate pace.

In its May inflation report, the Bank of England (BoE) projected that the economy will grow 3.4% in 2014 and 2.9% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 3.0% in 2014, which is unchanged from the previous month’s estimate. The panel sees growth decelerating to 2.6% in 2015.


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United Kingdom GDP Chart

United Kingdom GDP Q2 2014

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Office for National Statistics (ONS) and FocusEconomics Consensus Forecast.

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