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British government revises up GDP growth in 2014

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Staff writer ▼ | April 1, 2015
London
United Kingdom   According to the data from the Office for National Statistics

The British government revised up its quarterly economic growth estimate from 0.5 percent to 0.6 percent for the fourth quarter (Q4) of 2014, data from the Office for National Statistics (ONS) showed.

For the whole year in 2014, British gross domestic product (GDP) was estimated to have increased by 2.8 percent when compared with 2013, revised up 0.2 percentage points from ONS' previous estimate. It was also the fastest growth since 2006.

Between the fourth quarters of 2013 and 2014, Britain's GDP increased by 3.0 percent in volume terms, revised up 0.3 percentage points from its previous estimate. Gross domestic product per head was estimated to have grown by 0.5 percent between the third and fourth quarters of 2014, a 2.2 percent increase on a year-on-year basis, said ONS.

Total production output increased by 0.2 percent when compared to that of Q3 2014, and output in services and agriculture grew by 0.9 percent and 0.4 percent respectively. Output in construction, however, decreased by 2.2 percent, data showed.

British households' saving ratio was esitmated to be 6.0 percent in 2014 compared with 6.4 percent the year prior, figures revealed.

It was the third estimate of Britain's GDP of Q4 2014. The ONS will release its first GDP estimate for the first quarter of 2015 next month.


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