UK GDP grew 0.8% in Q1

GDP is estimated to have increased by 1.7% in 2013, compared with 2012, unrevised from the estimate published on 22 May 2014.

Between Q1 2013 and Q1 2014, GDP in volume terms increased by 3.0%, revised down 0.1 percentage points from the previously published estimate.

The households’ saving ratio was estimated to be 4.9% in Q1 2014.

Real households’ disposable income fell by 0.2% between Q4 2013 and Q1 2014.

GDP in current prices was estimated to have increased by 1.3% between Q4 2013 and Q1 2014, revised up 0.1 percentage points from the previously published estimate.

Andrew Hunter, co-founder of Adzuna, commented:

“The British economy is forging forwards at the fastest pace of all the G7 nations. Today’s figures confirm growth of 0.8% in the first quarter of this year, with year-on-year growth speeding along at the fastest pace since the recession. We must now ask whether the benefits of richer production are filtering through to British employees."