简体中文
British government Tuesday revised up its economic growth estimate for both the fourth quarter of 2014 and the whole year, while experts here believe that the strong consumer spending of British household would continue to boost the country's growth this year.
Fastest Growth
Britain's quarterly economic growth is estimated to have increased by 0.6 percent in the fourth quarter (Q4) of 2014, higher than the previous estimate of 0.5 percent, said the Office for National Statistics (ONS).
For the whole year of 2014, British gross domestic product (GDP) was estimated to have increased by 2.8 percent, compared with 2013, revised up 0.2 percentage points from the ONS's previous estimate. It was also the fastest growth since 2006.
Between Q4 of 2013 and Q4 of 2014, Britain's GDP in volume terms increased by 3.0 percent, revised up 0.3 percentage points from its previous estimate. GDP per head was estimated to have grown by 0.5 percent between Q3 of 2014 and Q4 of 2014, or have increased 2.2 percent on yoy basis, said the government's statistics arm.
Total production output increased by 0.2 percent when compared to that of Q3 of 2014, and output in services and agriculture grew by 0.9 percent and 0.4 percent respectively. Output in construction, however, decreased by 2.2 percent, data showed.
British households' saving ratio was estimated to be 6.0 percent in 2014 compared with 6.4 percent in 2013, figures also showed.
It was the third estimate of Britain's GDP of Q4 of 2014. The ONS will release its first estimate on GDP of Q1 of 2015 next month.
Three percent growth
Economists here reckon that British household's spending would continue to boost the economic recovery.
Paul Hollingsworth, UK Economist at Capital Economics, said in an analysis piece: "The latest figures on households' finances provided some further encouraging evidence that the consumer recovery rests on solid foundations."
The ONS's Data showed that British household final consumption expenditure increased by 0.6 percent quarter-on-quarter in Q4 of 2014, with households' real disposable income rising by 1.4 percent over the same period.
Low unemployment, strong consumer confidence and robust rises in real incomes should ensure that the recovery in household spending retains plenty of momentum in 2015, said Hollingsworth.
"There are several reasons to be optimistic about economic prospects for this year. Households' purchasing power is being boosted by cheap oil, ultra-low inflation and record low borrowing costs," summarized Martin Beck, senior economic adviser to the EY ITEM Club in his note.
"At the same time a relatively bullish outlook for the euro-zone economy should also give UK exporters some cause to cheer," he said.
The London-based forecaster retains its forecast that British GDP will expand by "close to three percent" in 2015.
