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| UK GDP growth estimate for 2013 revised down to 1.7% | UK GDP growth estimate for 2013 revised down to 1.7% |
| (35 minutes later) | |
| The UK's economy grew by 1.7% last year, official figures show, less than the previous estimate of 1.8%. | The UK's economy grew by 1.7% last year, official figures show, less than the previous estimate of 1.8%. |
| It is the second time the estimate for GDP growth in 2013 has been cut, after an initial estimate of 1.9%. | It is the second time the estimate for GDP growth in 2013 has been cut, after an initial estimate of 1.9%. |
| The Office for National Statistics (ONS) confirmed that the UK economy grew by 0.7% in the final quarter of 2013, unchanged from its previous estimate. | The Office for National Statistics (ONS) confirmed that the UK economy grew by 0.7% in the final quarter of 2013, unchanged from its previous estimate. |
| Business investment rose 2.4% in the fourth quarter, the ONS confirmed. | Business investment rose 2.4% in the fourth quarter, the ONS confirmed. |
| Services growth | |
| Growth in the UK economy remains at 1.4% below its pre-downturn peak in the beginning of 2008, but signs of economic recovery strengthened in 2013, the ONS said. | |
| The services industries grew in every quarter throughout 2013, compared with figures for the same three-month periods in 2012. | |
| Turning to the fourth quarter of 2013, the ONS also said that "growth in the services industries remained the strongest contributor" to the economy, increasing by 0.8% during the period. | |
| Also in the quarter the manufacturing sector grew by 0.5%, but the construction sector contracted by 0.2%. |