NGDP growth in Q1 2015 was 4.3%

The preliminary estimate of Q1 2015 saw a disappointing real GDP growth rate of 0.3%. Whilst todays release of the second estimate hasn't revised it upwards, it has provided some better news. The second estimate provides the first look at NGDP figures, and the Q1 2015 rate is 4.3% (compared to last year). This constitutes a 0.9% rise from the previous quarter (up from 0.7%). This is further evidence that recent deflation is the result of positive supply shocks, rather than negative demand shocks.

Just to recap, this is UK NGDP over the last few years: