The numbers are pretty much spot on, except for a tick down in the y/y GDP number. The final current account number for Q1 isn’t the best either and was revised worse as well.
The very good point from the data was the massive jump in business investment which rose 5.0% from 2.7% exp/prior q/q, and annually 10.6% from 8.7% exp/prior.
That’s very good news for the economy as it suggests that companies are really starting to believe in the recovery and this is one of the most important factors needed to sustain and add to it. Increased spending should also start to show a faster rate of jobs growth and we could start to see wages picking up.
Although it’s not playing out in the pound at the moment, it is a very bullish UK signal. If we can also start increasing exports then the country will be looking in very good shape. If the bozos in government can then sort our finances out then the sky’s the limit for the UK. I won’t be holding my breath on that one though
UK Q1 2014 business investment yy 27 06 2014
