UK Economy Expands 0.3% QoQ in Q1
In Q1 of 2013, UK gross domestic product increased 0.3 percent qoq, unrevised from the previous publication. GDP growth between Q4 2011 and Q1 2012 was revised from a fall of 0.1 percent to flat meaning Britain's economy did not suffer a double-dip recession as previously reported. GDP is estimated to be 3.9 percent lower than the pre-financial crisis peak in Q1 of 2008.
6/27/2013 12:02:37 PM
Quarterly growth in mining and quarrying (3.2 percent) and electricity, gas, steam and air production (1.4 percent) were largely offset by quarterly falls in manufacturing (-0.2 percent) and water supply and sewerage output (-0.4 percent). Construction output fell by 1.8 percent in Q1 2013, revised up from a 2.4 percent fall following an increase of 1.7 percent in the previous quarter. Output of the agriculture, forestry and fishing industries fell by 6.3 percent.
Growth in the service industries resumed in Q1 2013, increasing by 0.5 percent, following no growth in Q4 2012 as the majority of the service industries experienced positive growth in the first quarter.
Output of the distribution, hotels and restaurants industries increased by 1.2 percent in Q1 2013 following a decrease of 0.5 percent in Q4 2012. Output of the transport, storage and communication industries rose by 1.4 percent in Q1 2013 due to increases in computer programming, consultancy and related activities, land transport and telecommunications.
Business services and finance industries output fell by 0.1 percent in Q1 2013. In Q4 2012 output rose by 0.4 percent. The decrease in Q1 2013 was mainly due to financial services. Output of government and other services increased by 0.4 percent in Q1 2013.