Second Estimate of GDP, Q2 2013

From: http://www.ons.gov.uk

Key findings

• UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.7% between Q1 2013 and Q2 2013, revised up by 0.1 percentage points from the previously published estimate.
• The upwards revision to GDP between the first and second estimate can be attributed to small upwards revisions across a number of the main industrial groupings.
• GDP in volume terms increased by 1.5% when comparing Q2 2013 with Q2 2012.
• In current prices GDP was estimated to have increased by 0.4% between Q1 2013 and Q2 2013.
• All expenditure components – with the exception of non-profit institutions serving households – contributed positively to the 0.7% increase in GDP between Q1 2013 and Q2 2013.
• Compensation of employees – which includes both wages & salaries and pension contributions – increased by 2.4% in Q2 2013, the highest quarterly increase since Q3 2000 when it also increased by 2.4%. The increase in Q2 2013 partly reflects unusually high bonus payments in April 2013.

International comparisons for Q2 2013

In Q2 2013, GDP grew by 0.3% quarter on quarter in both the euro area and the European Union (EU 27) (see Figure 12). These are based upon flash estimates of GDP for Q2 2013 published byEurostat, the statistical office of the European Union. In Q1 2013, GDP decreased by 0.3% in the euro area and by 0.1% in the EU 27. When compared with the second quarter of 2012, there was negative growth for both the euro area and the European union (EU27), decreasing by 0.7% and 0.2% respectively.

With Croatia joining the European Union in July 2013, Eurostat have also produced GDP including the new 28th member for Q2 2013. The addition of Croatia, creating EU 28, had no impact on GDP growth in Q2 2013.

GDP for the United States of America increased by 0.4% in Q2 2013 following  an increase of 0.3% in Q1 2013. GDP for Japan grew by 0.6% in Q2 2013, slightly less than the 0.9% rise in the previous quarter. When compared with the same quarter a year ago, GDP for the United States of America rose by 1.4% and GDP for Japan rose by 0.9%. 

More detailed information on these estimates can be found on the Eurostat website. Information on the estimates for the United States of America can be found on the Bureau of Economic Analysiswebsite while information on the estimates for Japan can be found on the Japanese Cabinet Office website. 

Figure 12: International GDP growth rates, quarter on quarter, annual, CVM SA