2014 saw pre-crisis growth levels

The Office for National Statistics' Quarterly GDP Update confirmed that the UK economy grew by 0.5% in the final quarter of 2014, resulting in a growth rate of 2.6% for 2014 as a whole - the strongest calendar year rate of growth since 2007.

Related topics:  Finance News
Rozi Jones
18th February 2015
graph 2014 new

However, a slowdown in the construction industry weakened the overall picture, with construction output falling by 1.8% on the quarter resulting in a negative contribution of 0.1 percentage points.

GDP growth slowed in Q4 2014 compared to 0.7% in Q3 2014 and the 0.6% rise forecast by economists.

The economy is now 3.4% above its pre-downturn level of output in Q1 2008. The services industry continued to be the main driver of growth in output, contributing 0.6 percentage points to the quarterly GDP growth rate.

More like this
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.