CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

UK economy grew faster than estimated

Article By: ,  Financial Analyst
June 30, 2015 4:36 PM

The latest figures from the Office for National Statistics (ONS) have revealed that the UK economy is grew faster than previously estimated for the first quarter of 2015.

According to the latest data, which is the third estimate for the period, the economy grew by 0.4 per cent during the first three months, compared to an earlier estimate of 0.3 per cent.

Better performance from the construction industry than estimated contributed to the improved growth numbers, reports the BBC.

Earlier in June, the ONS said that construction output in the UK was 1.1 per cent lower in the first quarter. However, the latest figures actually show it as just 0.2 per cent lower.

Commenting on the amended figures, ONS chief economist Joe Grice said: "The slight upward revision to growth in the first quarter is down largely to the recently announced new methods to measure construction output."

On an annual basis, this means the economy grew by 2.9 per cent from the first quarter of 2014 – up 0.5 per cent from a previous estimate of 2.4 per cent.

As a whole, 2014 also saw economic growth revised up to 3 per cent from 2.8 per cent. This was the fastest rate of economic growth since 2006 – before the financial crisis.

Household income

Household income has also gone up, according to the ONS figures. The data shows that disposable income has gone up 4.5 per cent year-on-year. This was the fastest pace since the second quarter of 2001.

Economist Howard Archer said economic growth was likely to have accelerated in the three months to June after the uncertainty caused by the general election in May began to subside.

He added that he expected teh economy to grow by 0.7 per cent in the second quarter. Over the course of the year, he said he expects the economy to grow by 2.5 per cent.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024