UK GDP Advances 3.1% YoY in Q1

The UK economy expanded 3.1 percent year-on-year in the first quarter of 2014, in line with expectations and unchanged from the preliminary estimate.

Household final consumption has been rising each quarter since Q1 2012 and was 2.1 percent higher in Q1 2014 than in the same period a year ago. Government final consumption expenditure increased by 2.2 percent while non-profit institutions serving households final consumption expenditure fell by 0.9 percent. 

Gross fixed capital formation rose 10.4 percent, boosted by an 8.7 percent increase in business investment. Exports rose at a slower 2.2 percent. 

On a quarter-on-quarter basis, the economy advanced 0.8 percent, unchanged from the estimate published later in April and follows a 0.7 percent rise in the fourth quarter of 2013.

UK GDP Advances 3.1% YoY in Q1

ONS | Joana Taborda |
5/22/2014 10:21:12 AM