Recently released data on GDP and employment continue to show improvements in economic conditions. The preliminary estimate for Q4 2013 released by the Office of National Statistics shows that GDP rose in volume by 0.7% over the previous quarter. This translates into:
Output increased in three of the four main industrial groupings within the economy in Q4 2013 compared with Q3 2013.
However, in Q4 2013 GDP was estimated to be still 1.3% below the peak in Q1 2008. Labour market conditions have continued to improve with a fall in the unemployment rate to 7.1% and a very strong increase in employment of 280,000 in the three months to November.