UK Economy Expands 2.8% in 2014

The British GDP advanced 3 percent year-on-year in the last quarter of 2014, up from a 2.7 percent preliminary estimate as net trade contributed positively to the growth and the services sector continued to power the economy.

Year-on-year, total exports surged 5.6 percent, rebounding from a 0.5 percent drop in the previous period. Imports grew 3 percent  compared to 0.1 percent contraction reported in Q3. 

Household consumption rose at a faster 3 percent (2.8 percent in Q3). Government consumption and gross fixed capital formation growth decelerated to 2.1 percent and 5.1 percent respectively (2.3 percent and 8.2 percent respectively in the previous quarter).

In 2014, the economy grew 2.8 percent, up 0.2 percent from the previous estimate. Investment recorded the highest increase (7.8 percent), followed by household expenditure (2.5 percent). Exports rose a meager 0.6 percent while imports increased 2.2 percent. Government spending advanced 1.7 percent.

UK Economy Expands 2.8% in 2014

ONS | Joana Taborda |
3/31/2015 12:31:56 PM