UK economy grows 0.7% in Q4

The UK economy grew by 0.7% in the final quarter of the year, according to the latest results.

Published by the Office for National Statistics (ONS), the 0.7% increase in Gross Domestic Product (GDP) resulted in an annual growth rate 1.9% in 2013.

The ONS said the largest contributor to the increase came from the services sector, which rose by 0.8% in Q3 2013.

In the latest quarter there was widespread growth, with increases in three of the four main aggregates. Output increased by 0.5% in agriculture, 0.7% in production, 0.8% in services and decreased 0.3% in construction. 

GDP was 2.8% higher in Q4 2013, compared with the same quarter a year ago. GDP is estimated to have increased by 1.9% between 2012 and 2013. 

It added that there was an upwards contribution from the production sector, which grew by 0.7%, with manufacturing increasing by 0.9%. 

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