GDP Up 0.9% In Volume Terms

GDP in volume terms was said to increased by 0.9% between Q1 and Q2 2014 according to the latest Quarterly National Accounts figures from the ONS. It is an upward revision of 0.1% on the second estimate of GDP in August 2014. Annual GDP to August in volume terms is said to have increased by 1.7%.

The household saving ratio, which estimates the amount of money households have available to save and is a percentage of total disposable income was estimated to be 6.7%. Real household disposable income increased by 2.2% between Q1 and Q2 2014. Gross household disposable income is the estimate of the total amount of money from income that households have available from wages, self-employment, social benefits and net income (savings and bonds). Adjustments to gross disposable income gives 'real' household disposable income by removing the effects of inflation.

GDP in current prices is estimated to have increased by 1.9% between Q1 2014 and Q2 2014.

GDP Revised Upward To 0.7%

GDP increased by 0.7% in volume terms between Q1 and Q2 2013 according to the ONS. The latest figure is a revision upwards of 0.1% on the previously published estimate due to small revisions in the main industrial groupings. The annual comparison shows an increase of 1.5%.

At current prices GDP increased by 0.4% between Q1 and Q2. All expenditure components increased giving a 0.7% and compensation of employees increased by 2.4% in Q2, the highest since Q3 2000. The increase partly reflects increases in bonuses in April.