United Kingdom GDP Annual Growth Rate Unrevised at 0.6% In Q1


United Kingdom GDP in volume terms expanded 0.6 percent year-on-year in the first quarter of 2013, unrevised from the first estimate. This is up from 0.2 percent growth in Q4 of 2012, according to a release by the Office for National Statistics.

Output of the agriculture, forestry & fishing industries fell by 3.7 percent in the first quarter of 2013 following a decrease of 0.5 percent in the fourth quarter of 2012. In the first quarter of 2013, production output increased by 0.2 percent following a fall of 2.1 percent in the fourth quarter of 2012. Manufacturing output fell by 0.3 percent in the first quarter of 2013. In 2012 quarter four, manufacturing output fell by 1.4 percent.

In the fourth quarter of 2012, an extended and later than usual period of maintenance on North Sea oil rigs led to a negative impact on production, which fell by 2.1 percent. This contraction was seen within the mining & quarrying (including oil and gas extraction) industry, which fell by 10.7 percent compared with the previous quarter, resulting in a gross value added figure 0.2 percentage points lower (-0.3 percent) than if oil and gas were excluded.

The bounce back in the first quarter of 2013 is evident. An increase of 4.0 percent in mining & quarrying, revised up from the previously estimated 3.2 percent increase, made a positive quarter-on-quarter contribution to growth .The downward trend in mining and quarrying remains, however, with the first quarter of 2013 8.5 percent lower than the first quarter of 2012.


ONS | Nuno Fontes | nuno@tradingeconomics.com
5/23/2013 9:38:38 AM