UK economic growth slows in Q4
The data showed that the country’s business investment fell 1.4% in the fourth quarter following a 1.2% decrease in the previous quarter due to lower investment in the petroleum sector stemming from plunging oil prices. Household spending increased 0.5% on a quarterly basis while the service industry climbed 0.8% in the last quarter. On a yearly basis, the service sector rose 3.3% to post the strongest yearly growth since the end of 2007. The country’s industrial output also rose 0.1% while the construction sector contracted in the last quarter of 2014.
According to the ONS, the UK economy expanded 2.6% in the previous year, the fastest growth in seven years. The Bank of England expects the country’s economy to grow 2.9% this year.
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