Britain: Gross Domestic Product Is On The Rise In First Quarter, Say ONS

by Benson Agoha 

 

The Gross Domestic Product (GDP) is on the rise, as first quarter preliminary estimates published today by the Office of National Statistics show.

The key notes of the report said Britain's GDP increased by 0.8% in the first quarter of 2014, compaired with 0.7% in the last quarter of 2013, due mainly to increased output.

 

Increased output for the period was noticeable in four main industrial groupings of the economy during the period, ONS reported. This compares favourably with Q4 of 2013.

The changes in output (+ and -), and their respective industries, are as follow (shown in order of their contribution: Services (0.9%); Production (0.8%); Construction (0.3%); Agriculture output decreased by (0.7%).

 

The ONS said in the first quarter of the year 2014, GDP was estimated to be 0.6% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%.

 

But year-on-year comparison showed that GDP was 3.1% higher in the first quarter of 2014, compared with the same period a year earlier.

 

Construction output was thought to have been affected by the storms and high rainfall in January and February, but spread across the quarter, the effect was minimal and therefore considered negligent by ONS, the report said.

 

"The estimate is subject to revision as more data become available, but these are typically small between the preliminary and third estimates of GDP," the ONS said, adding "All figures in this release are seasonally adjusted."

PM David Cameron welcomed the report saying "Today's GDP figures show that Britain is coming back," adding "There's no room for complacency, but our Long-Term Economic Plan is working."

* To read the ONS report, go here >>> [Gross Domestic Product Preliminary Estimate, Q1 2014].

* Twitter: @woolwichonline.
* Source: ONS Statistical Bulletin.