• GDP grew by 0.7% in Q4 2013 – unrevised from previous estimates.
  • GDP is estimated to have increased by 1.7% in 2013, compared with 2012, revised down 0.1 percentage points from the previous estimate.
  • UK business investment rose by 2.4% Q4 2013.                                     
  • Trade balance deficit almost halved in Q4 2013, falling from £8bn to £4.2bn.Current account deficit was 5.4% of GDP, in Q4 down 5.6% in Q3.
  • The households’ saving ratio was estimated to be 5.1% in 2013 compared with 7.3% in 2012.
 
Commenting on the revised GDP figures for Q4 2013 published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
 
“The unrevised estimate of 0.7% supports our view that the UK recovery remains on course. It is also good news that growth was better balanced in Q4, with a fall in the trade deficit and an increase in business investment. However there is little doubt that the further efforts are needed to place the recovery on a broader footing, as we are still too reliant on consumer spending. If our recovery is to be sustainable, we have to ensure that there is more support for those looking to invest and expand into overseas markets.”