- Quarterly growth in Q1 2014 was 0.8%, after 0.7% in Q4 2013
- Year on year growth strengthened to 3.1%
- All the main sectors expanded in Q1 2014: services by 0.9%; production by 0.8%; and construction by 0.3%
Commenting on the first estimate of GDP for Q1 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
“These figures confirm a small acceleration in the pace of growth in Q1, and support our recent forecast that GDP is to surpass its pre-crisis peak in the second quarter of 2014. It is also good news that the manufacturing sector, with growth of 1.3%, continues to strengthen.
“The growth in GDP is testament to the confidence and enthusiasm demonstrated by businesses across the UK, who have worked tirelessly to drive the recovery forward despite challenging conditions. But to ensure that the recovery is sustainable, the government must do far more to support growing firms. Further deregulation, improved access to finance and more export support are all crucial for a lasting economic recovery.”