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UK economic growth slows in Q4

by ChemOrbis Editorial Team -
  • 26/02/2015 (14:49)
According to data from the Office for National Statistics (ONS), UK economic growth slowed in the last quarter of 2014. The country’s gross domestic product (GDP) increased 0.5% in the three months ending December from a growth rate of 0.7% in the previous quarter, in line with ONS’s preliminary estimates. The country’s Q4 economic growth represented the slowest quarterly growth rate in a year.

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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