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 Unrevised At 0.7% Growth

GDP in terms of volume increased by 0.7% between Q3 2013 and Q4 2013 according to estimates from the ONS. The figure is therefore unrevised from the second estimate published in February.

In 2013 compared with 2012 GDP is estimated to have grown by 1.7%, down 0.1% on the earlier estimate. The estimates also show that between Q4 2012 and Q4 2013 GDP grew in volume by 2.7%.

GDP in current prices increased by 1.6% between Q3 and Q4 2013, revised downward by 0.3% from the earlier estimate of 1.9%.

The estimates for the household savings ratio were 5.1% in 2013 compared with 7.9% in 2012. The household savings ratio is the amount of money people have to save as a percentage of their disposable income.