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

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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.

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