Economic growth is revised upwards

The economy grew at a faster pace than initially estimated, revised official figures for 2014 show.

An unexpected increase in the fourth quarter meant the economy in 2014, as measured by gross domestic product (GDP), grew by 2.8% on the year before, higher than the earlier estimate of 2.6%.

In the fourth quarter of 2014, the economy, grew by 0.6% up from the previous estimate of 0.5%, the Office for National Statistics said. GDP was up by 3% on the same quarter 2013.

Production output increased by 0.2% in the fourth quarter of 2014 compared with the previous quarter, revised up 0.1 percentage points from the previously published estimate. Within the production sub-industries, manufacturing output increased by 0.2%.

Production output rose by 1.0% in the fourth quarter compared with a year earlier and manufacturing output was up by 2.6%.

In 2014, production was up by 2.1% and manufacturing by 2.5% compared with the previous year

www.ons.gov.uk/ons/dcp171778_398239.pdf