UK GDP inches up

gosborneThe Office for National Statistics (ONS) said that UK gross domestic product (GDP) rose by 0.8 percent in the first calendar quarter of this year.

That compares to a rise of 0.7 percent in the fourth quarter of 2013 and year on year equates to a rise of 3.1 percent.

The ONS counts four main segments and there were rises in services (0.9%), production (0.8%) and construction (0.3%). However there was a fall of 0.7 percent in the agricultural sector.

The UK GDP is now 0.6 percent lower than its 2008 peak – that’s before all hell broke loose with the credit crunch.

Chancellor of the Exchequer George Osborne said there are now foundations for a broad based recovery.  He attributes the recovery to the UK coalition’s economic strategy.