Gross Domestic Product (GDP) growth between Q1 and Q2 2013 remains unrevised at 0.7 percent says the Office for National Statistics (ONS).

In volume terms GDP growth has been revised upwards from 0.3 percent to 0.4 percent between Q4 2012 and Q1 2013.

When comparing Q2 2012 with Q2 2013 GDP has grown 1.3 percent in volume terms, this is a downward revision of 0.2 percent.

GDP in current prices increased by 0.4 percent between Q1 2013 and Q2 2013.

Commenting on the figures Nida Ali, economic adviser to the EY ITEM Club, said:

"The overhaul to the growth composition in today’s GDP figures compared to the second estimate is confusing, making it very difficult to identify the economy’s strengths and weaknesses. While the headline number has not changed, the contributions of all of the main components of growth have been revised down with the slack taken up by stock building, which is now playing a much bigger role than previously reported.

"The downward revision of the net trade contribution from 0.3ppt to no contribution is particularly disappointing, given that last month’s estimate had given us hope that the recovery is beginning to broaden out into exports and business investment.

"Having said that, evidence from survey data and monthly indicators suggests that the recovery is well entrenched and we remain on course for strong growth in the third quarter. We continue to expect GDP to increase by more than 1% in 2013 and more than 2% in 2014 and risks to this forecast are on the upside."

UK Quarterly GDP to 2013Q2

Click chart to enlarge

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