British economy grows 0.8% in first quarter

Gross domestic product (GDP) had expanded by 0.7 per cent during the fourth quarter (Q4) of 2013. PHOTO: REUTERS

LONDON: Britain’s economy grew by 0.8 per cent in the first quarter of 2014 compared with the final three months of last year, official data showed on Tuesday.

Gross domestic product (GDP) had expanded by 0.7 per cent during the fourth quarter (Q4) of 2013, the Office for National Statistics (ONS) said in a statement.

Analysts’ consensus forecast had been for GDP output of 0.9 per cent in the first quarter, according to a survey by Dow Jones Newswires.

“Output increased in three of the four main industrial groupings within the economy in Q1 2014 compared with Q4 2013,” the ONS said.

“In order of their contribution, output increased by 0.9 per cent in services, 0.8 per cent in production and 0.3 per cent in construction. However, output decreased by 0.7 per cent in agriculture.”

GDP was meanwhile 3.1-per cent higher in the first quarter compared with the equivalent period of 2013