UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.9% between Q1 2014 and Q2 2014, revised up 0.1 percentage points from the second estimate of GDP published on 15 August 2014.
Annual GDP in volume terms was estimated to have increased by 1.7% in 2013, compared with 2012, unrevised from the estimate published on 15 August 2014.
Between Q2 2013 and Q2 2014, GDP in volume terms increased by 3.2%, unrevised from the previously published estimate.
GDP in current prices was estimated to have increased by 1.9% between Q1 2014 and Q2 2014.
The peak to trough fall of the economic downturn in 2008/2009 is now estimated to be 6.0%. Previously this was estimated to be 7.2%.
In Q2 2014, GDP was estimated to have been 2.7% higher than the pre-economic downturn peak of Q1 2008, having first exceeded this peak in Q3 2013.
The household saving ratio was estimated to be 6.7% in Q2 2014
Real household disposable income increased by 2.2% between Q1 2014 and Q2 2014
GDP increased by 0.8% in Q2 2014, the second consecutive quarter on quarter increase of 0.8%.
Output increased in two of the four main industrial groupings within the economy in Q2 2014 compared with Q1 2014. In order of their contribution, output increased by 1.0% in services and by 0.4% in production. However, output decreased by 0.5% in construction and by 0.2% in agriculture.
In Q2 2014 GDP was estimated to be 0.2% above the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%.
GDP was 3.1% higher in Q2 2014 compared with the same quarter a year ago.
In April 2014, the quantity bought in the retail industry increased by 6.9% compared with April 2013 and by 1.3% compared with March 2014. This was the highest year-on-year growth in the quantity bought since May 2004 and continued a pattern of year-on-year growth since early 2013.
The underlying pattern, as expressed by the rolling three-month-on-three month growth rate, was one of growth, with the quantity bought increasing by 1.8%. This was the highest since March 2004 and was the 14th consecutive month of three month-on-three month growth in the quantity bought.
With the exception of petrol stations, all stores saw year-on-year increases in sales volumes. Notably the food sector posted its strongest year-on-year growth since January 2002, increasing by 6.3%. Feedback from food store retailers suggested that a better than expected Easter and better weather conditions helped to boost sales.
Food store retailers also suggested that promotions helped to boost sales and this was reflected in the slowing of average price growth in the food sector: consistent with the consumer prices index (CPI) published on 20 May 2014, the rate of food store price inflation decreased to 0.9%, down from 1.8% in March 2014. Food stores provided the main contribution to the fall in the all retail rate of store price inflation, which fell by 0.6% in April 2014.
In April 2014, the amount spent in the retail industry increased by 6.2% compared with April 2013 and by 0.6% compared with March 2014. Non-seasonally adjusted data show that the average weekly spend in the retail industry in April 2014 was £7.0 billion compared with £6.5 billion in April 2013 and £6.8 billion in March 2014.
Following a weak March, the amount spent online increased by 13.3% in April 2014 compared with April 2013 and by 2.6% compared with March 2014
Seasonally adjusted GDP rose by 0.2% in the euro area (EA18) and by 0.3% in the EU28 during the first quarter of 2014, compared with the previous quarter.
In the fourth quarter of 2013, GDP grew by 0.2% in the euro area and by 0.4% in the EU28.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.9% in the euro area and by 1.4% in the EU28 in the first quarter of 2014, after +0.5% and +1.0% respectively in the previous quarter.