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Financial News: UK GDP Growth Rises In Q4

UK GDP Growth Rises In Q4

01/26/2018 - 04:47:00 (RTTNews)

(RTTNews) - The UK economy expanded at a slightly faster pace at the end of 2017, preliminary data from the Office for National Statistics showed Friday.

Gross domestic product grew 0.5 percent sequentially in the fourth quarter, faster than the 0.4 percent logged a quarter ago. The rate was forecast to remain at 0.4 percent.

On the production-side, the dominant services sector increased 0.6 percent compared with the previous quarter.

Production industries grew by 0.6 percent, boosted by the second consecutive quarter of strong growth in manufacturing.

The ONS said growth in manufacturing was partially offset in total production by a significant fall in oil and gas extraction, caused by the well-publicised repair work made to the Forties pipeline.

At the same time, construction contracted for the third quarter in a row, falling by 1 percent.

On a yearly basis, the economy expanded 1.5 percent, slightly faster than the 1.4 percent growth economists had forecast.

Another report from ONS showed that the index of services climbed 0.4 percent month-on-month in November, which was the biggest expansion since August 2016.

In three months to November, services output increased 0.4 percent from three months ended August.

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