UK Economy Advances 1.7% in 2013


The UK GDP expanded at its fastest pace in three years in 2013. Final estimates showed the economy advanced 1.7 percent, compared with a meager 0.3 percent expansion in 2012. Between Q4 2012 and Q4 2013, the GDP increased by 2.7 percent, unrevised from the previous estimate.

The final figure for 2013 was revised down 0.1 percentage points from the previously estimated 1.8 percent increase.

Annually, between 2012 and 2013 household final consumption expenditure increased by 2.2 percent, and has been revised down by 0.2 percentage points since the previous estimate. This remains the highest annual growth rate since 2007. Government final consumption expenditure increased by 0.7 percent, revised down 0.2 percentage points from the previous estimate.

Non-profit institutions serving households final consumption expenditure increased by 3.2 percent and gross fixed capital formation fell by 0.6 percent, a downward revision of 0.1 percentage points from the previous estimate. 

The deficit in the trade balance was £ 20.0 billion in 2013. Between 2012 and 2013 exports increased by 1.0 percent and imports by 0.5 percent.

UK Economy Advances 1.7% in 2013


ONS | Joana Taborda | joana.taborda@tradingeconomics.com
3/28/2014 11:32:45 AM