GDP revised up for Q1

UK GDP was estimated to have increased by 0.4% between Q4 and Q1, revised up 0.1 percentage points from the ONS' previous estimate.

Related topics:  Finance News
Rozi Jones
30th June 2015
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Additionally, GDP was estimated to have increased by 3.0% in 2014, revised up 0.2 percentage points, and between Q1 2014 and Q1 2015, GDP was revised to 2.9% - 0.5 percentage points higher than estimated.

ONS data has also revealed that disposable income rose at the fastest annual pace since 2001 - up by 4.5% year-on-year.

George Osborne said:

"I welcome today's news that growth was stronger than previously thought in both the first quarter of this year and the whole of 2014.

"It is clear that our plan is laying the foundations for economic security for working people, with the three main sectors of the economy growing over the past year and business investment over 30% higher than at the start of the last parliament.

"Today's figures are another reminder that the economic plan we've pursued in Britain these last five years has increased our resilience - and we will take whatever further steps are needed to protect the UK from the new risks we see to our economic security."

Howard Sears, managing partner of venture capital firm Astuta, commented:
 
"As if blue skies and Andy Murray's continued presence at Wimbledon weren't enough, the nation's feelgood factor has been given a triple economic boost.
 
"The upward revision of GDP, and the jump in the GfK consumer confidence index to its highest level in 15 years, will both fan the optimism of Britain's businesses.
 
"While the final act of the Greek tragedy has the potential to throw a major spanner in the works, Britain's sense of momentum is better than it has been for years - and getting better."

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