UK GDP up 0.9% in Q2 2014
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The UK’s gross domestic product grew by almost 1% in the second quarter of 2014, according to figures from the ONS.

In the latest revised figures, published at the end of September, growth is put at 0.9% in volume terms – which is up from the 0.8% that was estimated in a previous report published in mid-August.

In price terms, the figure is even higher, at an increase of 1.9% between the first and second quarters of 2014.

Annual GDP in volume terms was unchanged, at an estimated increase of 1.7% in 2013, compared with 2012, although between Q2 2013 and Q2 2014 the current estimate of growth on this measure is 3.2%.

Total GDP is now an estimated 2.7% higher than the peak point it achieved before the onset of recession, which occurred in Q1 2008.

It has been above that level since Q3 2013, indicating a return to long-term growth for the nation’s economy after a five-year interim.

Households’ disposable income has increased too, according to the ONS, with 2.2% more to spend in Q2 2014 than in the preceding quarter.

The latest report also indicates that the recession may not have been as severe as was previously thought – and a sixth has been taken off of the total negative economic impact.

Previously, the estimated difference between the economy’s pre-recession peak and mid-recession trough was 7.2%.

Now this has been revised to 6.0%, a decrease of exactly one sixth in the ONS estimate of the severity of the recession.

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