UK GDP confirmed at 0.7% for Q4; annual growth revised down

The UK economy grew at 0.7% in the final quarter of 2013, official figures confirmed today, in line with the preliminary estimate, although 2013's overall growth rate was revised down.

The Office for National Statistics (ONS) left the Q4 reading unchanged, but said overall growth for 2013 was actually 1.8%, compared to the 1.9% previously stated. The vast majority of the growth came from the services sector in the final quarter, helping the UK achieve its highest rate of economic expansion since 2007. Some analysts had predicted an upside surprise in the second estimate. While the figures will no doubt please the Chancellor, George Osborne last week insisted the recovery is not yet secure, noting in a speech he will use the upcoming Budget to support investment a...