Mortgage News
UK GDP confirmed at 0.7% for Q4; annual growth revised down
The UK economy grew at 0.7% in the final quarter of 2013, official figures confirmed today, in line with the preliminary estimate, although 2013’s overall growth rate was revised down.
The Office for National Statistics (ONS) left the Q4 reading unchanged, but said overall growth for 2013 was actually 1.8%, compared to the 1.9% previously stated.
The vast majority of the growth came from the services sector in the final quarter, helping the UK achieve its highest rate of economic expansion since 2007.
Some analysts had predicted an upside surprise in the second estimate.
While the figures will no doubt please the Chancellor, George Osborne last week insisted the recovery is not yet secure, noting in a speech he will use the upcoming Budget to support investment and exports.
Forecasts and figures
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Earlier this month the National Institute of Social and Economic Research (NIESR) forecast the UK economy will grow by 2.5% this year and again by 2.1% in 2015.
UK inflation rate dropped to 1.9% in January, marking the first time it has fallen below the Bank of England’s target of 2% since November 2009.
Read more on UK GDP HERE
Read more on UK inflation HERE