UK economy grows at faster than expected pace in Q4
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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