UK growth at 2.6%

Gross Domestic Product Preliminary Estimate, Q4 2014: ONS

  • GDP is estimated to have increased by 0.5% in Q4 2014 compared with growth of 0.7% in Q3 2014.
  • Output increased in two of the four main industrial groupings within the economy in Q4 2014. In order of their contribution, output increased by 0.8% in services and 1.3% in agriculture. In contrast, output decreased by 1.8% in construction and 0.1% in production.
  • GDP was 2.7% higher in Q4 2014 compared with the same quarter a year ago. GDP in 2014 as a whole was up 2.6% on 2013.
  • In Q4 2014 GDP was estimated to have been 3.4% higher than the pre-economic downturn peak of Q1 2008. From the peak in Q1 2008 to the trough in Q2 2009, the economy shrank by 6.0%.
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Unemployment continues to fall

Labour Market Statistics, January 2015: ONS

Key Points for September to November 2014

  • Comparing the estimates for September to November 2014 with those for June to August 2014, employment continued to rise and unemployment continued to fall. These changes maintain the general direction of movement since late 2011/early 2012.
  • There were 1.91 million unemployed people. This was 58,000 fewer than for June to August 2014, the smallest quarterly fall since July to September 2013. Comparing September to November 2014 with a year earlier, there were 418,000 fewer unemployed people.
  • The unemployment rate was 5.8%, lower than for June to August 2014 (6.0%) and lower than for a year earlier (7.1%). The unemployment rate is the proportion of the economically active population (those in work plus those seeking and available to work) who were unemployed.
  • There were 9.09 million people aged from 16 to 64 who were out of work and not seeking or available to work (known as economically inactive). This was 66,000 more than for June to August 2014 and 41,000 more than for a year earlier.
  • The proportion of people aged from 16 to 64 who were economically inactive (the inactivity rate) was 22.4%, slightly higher than for June to August 2014 (22.2%) and for a year earlier (22.3%).
  • There were 30.80 million people in work. This was 37,000 more than for June to August 2014, the smallest quarterly increase since March to May 2013. Comparing September to November 2014 with a year earlier, there were 512,000 more people in work.
  • The proportion of people aged from 16 to 64 in work (the employment rate), was 73.0%, unchanged from June to August 2014 but higher than for a year earlier (72.0%).

Inflation falls to 0.5%

Consumer Price Inflation, December 2014

  • The Consumer Prices Index (CPI) grew by 0.5% in the year to December 2014, down from 1.0% in November.
  • The main contributions to the fall came from the December 2013 gas and electricity price rises falling out of the calculation and the continuing drop in motor fuel prices.