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 ...
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