UK GDP Growth Revised Up


The British economy expanded 0.4 percent in the first three months of 2015, better than an initial estimate of 0.3 percent and boosted by household consumption and investment. Still, it is the lowest growth rate since the last quarter of 2013.

The revision is mainly due to the introduction of the interim solution for the Construction and Cost Price Indices which have impacted on both the construction industry and gross fixed capital formation estimates.

Gross fixed capital formation surged 2.0 percent in Quarter 1 2015, revised up 0.5 percentage points from the previously published estimate and following a meager 0.1 percent growth in Quarter 4 2014.

Household expenditure rose by 0.9 percent, revised up 0.4 percentage points from the previously published estimate, and better than a 0.7 percent increase in the last three months of 2014.

Government consumption went up 0.9 percent, revised up 0.3 percentage points, and following a 0.1 percent increase in Quarter 4 2014.

Non-profit institutions serving households’ expenditure rose by 2.6 percent, unchanged from the previously published estimate and rebounding from a 3.2 percent fall in Quarter 4 2014.

The trade balance deficit widened from £10.6 billion in Quarter 4 2014 to £13.4 billion in Quarter 1 2015 Exports increased 0.4 percent, compared with a 0.3 percent fall in the previous estimates, but slowing from a 4.5 percent increase in Quarter 4 2014. Imports increased by 2.3 percent, unchanged from the previous estimates and following a 1.6 percent increase in Quarter 4 2014.

2014 figures were also revised upwards to show the economy expanded 0.8 percent in the last quarter from a 0.6 percent increase earlier reported. The GDP advanced 3.0 percent in 2014, revised up 0.2 percentage points from the previously published estimate. 

UK GDP Growth Revised Up


ONS | Joana Taborda | joana.taborda@tradingeconomics.com
6/30/2015 11:13:47 AM