Economic Indicators, March 2014

• Revised estimates suggest that GDP grew by 0.7% in Q4 2013. GDP is now 1.4% below its pre-recession peak in Q1 2008.

• Inflation grew by 1.9% in January, below the Bank of England’s target for the first time since November 2009.

• Employment grew by 193,000 and unemployment fell by 125,000 in the quarter to December 2013.

• The services industry grew for the 12th successive month in December 2013, the longest period of sustained monthly growth since the 14 months to September 2007.