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British GDP growth in Q1 remains at 0.8%

English.news.cn   2014-05-23 07:20:48

LONDON, May 22 (Xinhua) -- Britain's gross domestic product (GDP) in the first quarter of 2014 grew by 0.8 percent, unrevised from the first estimate of GDP published last month, said Office for National Statistics (ONS) Thursday.

Compared with the same quarter a year ago, British GDP was 3.1 higher in the first quarter of 2014. GDP in 2013 is estimated to have increased by 1.7 percent than that of 2012. Both data are unrevised from the previous estimate, said ONS.

Household expenditure rose by 0.8 percent in the first quarter, marking the 10th straight increase and contributing 0.5 percent point to GDP, said ONS.

Government final consumption expenditure and social gross fixed capital formation increased by 0.1 percent and 0.6 percent over the same period, data showed.

The trade balance deficit dwindled from 4.2 billion pounds in the fourth quarter of 2013 to 4.1 billion pounds in the first quarter of 2014, figures also showed.

Analyzed by output categories, however, output of construction in Britain last quarter increased by 0.6 percent compared with the fourth quarter of 2013, while production and services industries output grew by 0.7 and 0.9 percent respectively. However, agriculture output declined by 0.7 percent, said the statistics department.

The current 2010 weights of the four industries' outputs are 77.8 percent (services), 15.2 percent (production), 6.3 percent (construction) and 0.7 percent (agriculture) respectively.

In the first quarter, British GDP was estimated to be 0.6 percent below the peak in the first quarter of 2008, said ONS. From peak to trough in 2009, the economy shrank by 7.2 percent.

Editor: Yang Yi
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