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UK economic growth misses estimates for Q4 2014

by ChemOrbis Editorial Team - content@chemorbis.com
  • 27/01/2015 (15:46)
According to preliminary data from the Office for National Statistics (ONS), the UK economy grew at slower pace than expected in the fourth quarter of 2014. The country’s gross domestic product (GDP) increased 0.5%, which fell below economists’ estimates of 0.6% reported in a survey by Bloomberg. The fourth quarter marked the eighth consecutive quarterly expansion for the UK, which grew at its fastest pace since 2007 for the full year of 2014.

The data showed that the country’s services sector grew by 0.8% while production declined 0.1%. Construction was down 1.8% in the fourth quarter of 2014.

According to the ONS, the UK economy expanded 2.6% in the previous year while the International Monetary Fund (IMF) kept its growth forecast for the UK unchanged at 2.7% for 2015 and slightly lowered its predicted growth for 2016 to 2.4%.
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