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UK economy grows at faster than expected pace in Q4

by ChemOrbis Editorial Team -
  • 31/03/2015 (15:02)
According to data from the Office for National Statistics (ONS), the UK economy grew at a faster pace than expected in the last quarter of 2014. The country’s gross domestic product (GDP) increased 0.6% while ONS’s preliminary estimates called for a growth rate of 0.5%. The country’s economy grew 0.6% in the third quarter of 2014 as well. The increase was attributed to stronger exports and higher household spending on the back of cheaper food and fuel prices.

The ONS also revised the annual growth for the last quarter to 3% from the previously estimated growth rate of 2.7%. For the full year of 2014, the UK’S GDP expanded 2.8%, according to today’s data.

The data showed that the country’s exports rose at the fastest pace since 2013 at 4.6% while imports climbed 1.6% in the last quarter. The UK’s services output grew 0.9% in the fourth quarter while production output increased 0.2% from an earlier estimate of 0.1%. However, construction output fell 2.2% in the three months ending December. The country’s household spending increased 0.6% in the October-December period of the previous year while business investment declined 0.9%.
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