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UK economic growth accelerates to 0.5% in Q4

by ChemOrbis Editorial Team -
  • 28/01/2016 (16:18)
According to data from the Office for National Statistics (ONS), the UK’s gross domestic product (GDP) rose 0.5% in the last quarter of 2015 from the previous quarter’s 0.4% on the back of a stronger services industry. The country’s Q4 economic growth was in line with Bloomberg economists’ expectations.

The UK’s services industry grew 0.7% in the fourth quarter while industrial output slid 0.2%. The Bank of England is expected to keep its key interest rate unchanged at its February meeting in the face of sluggish exports and manufacturing.

The country’s annualized economic growth in the fourth quarter accelerated to 2% from 1.8% in the third quarter while it slowed to 2.2% in 2015 from 2.9% in 2014. The International Monetary Fund expects to see 2.2% growth in the UK economy in 2016.
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