United Kingdom Economy Expands 0.3% Quarter-on-Quarter in Q1


United Kingdom GDP increased by 0.3 percent in Q1 2013 compared with Q4 2012. GDP was 0.4 percent higher in Q1 2013 than in Q3 2011 and therefore has been broadly flat over the last 18 months.

By far the largest contribution to Q1 2013 GDP growth came from services; these industries increased by 0.6 percent contributing 0.47 percentage points to the 0.3 percent increase in GDP.

There was also a small upward contribution (0.03pp) from production; these industries rose by 0.2 percent, largely due to mining & quarrying, which increased by 3.2 percent following a weak Q4 2012 when extended maintenance in the North Sea reduced output.
 
These upward contributions were partially offset by construction; these industries fell by 2.5 percent, reducing GDP growth by 0.17pp.
 
Before the sharp fall in output in 2008 and 2009 the economy peaked in Q1 2008; the lowest level was in Q2 2009. GDP fell 6.3 percent peak to trough. In Q1 2013 it was estimated that GDP was 2.6 percent below the peak in Q1 2008.

ONS | Nuno Fontes | nuno@tradingeconomics.com
4/25/2013 9:40:31 AM