Latest figures released by the Office of National Statistics (ONS) have shown that the UK economy grew by 0.8% in the first quarter of 2014 compared with the final quarter of 2013 which showed growth of 0.7%
Change in gross domestic product (GDP) is the main indicator of economic growth and output increased in three of the four main industrial groupings within the economy in Q1 2014 compared with Q4 2013. In order of their contribution, output increased by 0.9% in services, 0.8% in production and 0.3% in construction. However, output decreased by 0.7% in agriculture.
In Q1 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%.
GDP was 3.1% higher in Q1 2014 compared with the same quarter a year ago.
There was some evidence to suggest construction output was affected by the storms and high rainfall in January and February. However, over the quarter, the storms have not had a significant impact on GDP growth in Q1 2014 and ONS has not classified them as a statistical special event.
The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data become available, but these are typically small between the preliminary and third estimates of GDP. All figures in this release are seasonally adjusted.