Annual UK GDP growth hits six-year high after Q4 figures

clock

UK GDP rose by 0.7% in Q4, according to an initial estimate from the Office for National Statistics, with growth for the year as a whole rising at its fastest rate since 2007.

The quarter-on-quarter figure, in line with analyst estimates, follows on from the 0.8% growth rate reported in both Q2 and Q3.

The vast majority of that growth came from the services sector, which contributed 0.61 percentage points to the headline figure.

That means the UK economy grew by 1.7% for 2013 as a whole, the fastest rate of growth since 2007.

Output for the services sector is now 1.3% ahead of its pre-crisis peak, though the UK economy as a whole remains 1.3% below that peak due to lower construction and production figures.

Though today's quarterly figure was in line with forecasts, expectations of a slightly stronger result - as well as the slight dip in output relative to Q3 - meant the pound weakened slightly on the news.

Sterling fell to $1.6576 against the dollar, down from $1.66 ahead of the release.

More on Regulation

IPT receipts hit £1.2bn in November

IPT receipts hit £1.2bn in November

£6.65bn for the year

Cameron Roberts
clock 20 December 2024 • 2 min read
Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Risking regulatory action

Cameron Roberts
clock 17 December 2024 • 2 min read
FCA releases best practices for Consumer Duty board reports

FCA releases best practices for Consumer Duty board reports

Focus on data quality

Cameron Roberts
clock 12 December 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read