UK Economy Advances 3.2% YoY in Q2

British GDP expanded 3.2 percent year-on-year in the second quarter of 2014, unrevised from the second estimate but up from a flash 3.1 percent. Gross fixed capital formation recorded the highest gain in more than eleven years.

Between Q2 2013 and Q2 2014 production output rose by 2.4 percent. All production industries contributed positively to this quarter on same quarter a year ago increase, with the exception of electricity, gas, steam and air conditioning which contracted by 6.6 percent.

On the expenditure side, household final consumption expenditure increased by 2.1 percent, government expenditure by 1.2 percent and gross fixed capital formation rose by 9.1 percent. The net trade balance has worsened slightly compared to Q2 2013.

In Q2 2014, GDP was estimated to have been 2.7 percent higher than the pre-economic downturn peak of Q1 2008, having first exceeded this peak in Q3 2013.

On a quarter-on-quarter seasonally adjusted basis, the GDP expanded 0.9 percent. 

UK Economy Advances 3.2% YoY in Q2

ONS | Joana Taborda |
9/30/2014 1:51:12 PM