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Financial News: UK GDP Growth Slows As Estimated In Q4

UK GDP Growth Slows As Estimated In Q4

03/29/2018 - 05:16:00 (RTTNews)

(RTTNews) - The UK economy expanded at a slower pace as previously estimated in the fourth quarter, final data from the Office for National Statistics showed Thursday.

Gross domestic product grew 0.4 percent quarter-on-quarter, slower than the 0.5 percent expansion seen in the preceding period. The rate came in line with the second estimate published on February 22.

The statistical office confirmed 1.4 percent annual growth for the fourth quarter.

GDP growth for 2017 was revised up marginally to 1.8 percent from 1.7 percent. Nonetheless, this was slightly weaker than the 1.9 percent growth seen in 2016.

Household spending advanced by revised 1.7 percent in the fourth quarter, the lowest since 2011.

Another report from ONS showed that services output increased 0.6 percent in three months to January from preceding period, which was the strongest since December 2016. On a yearly basis, services output grew 1.3 percent in three months to January.

In the fourth quarter, the current account deficit narrowed to GBP 18.4 billion from revised GBP 19.2 billion in the third quarter, ONS reported.

The shortfall was equivalent to 3.6 percent of GDP, which was the narrowest as a percentage of GDP since early 2012.

A separate report showed that gross fixed capital formation rose by 1.1 percent to GBP 84.1 billion in the fourth quarter. Business investment climbed 0.3 percent to GBP 46.2 billion in the fourth quarter.

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