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Financial News: UK GDP Remains Flat In Q4

UK GDP Remains Flat In Q4

02/11/2020 - 05:06:00 (RTTNews)

(RTTNews) - The UK economy logged flat growth in the fourth quarter, data from the Office for National Statistics showed Tuesday.

Gross domestic product remained unchanged on quarter, as expected, after expanding 0.5 percent in the third quarter.

"There was no growth in the last quarter of 2019 as increases in the services and construction sectors were offset by another poor showing from manufacturing, particularly the motor industry," ONS Head of GDP Rob Kent-Smith, said.

However, in 2019, the economy grew at a slightly faster pace of 1.4 percent after rising 1.3 percent in 2018.

Breaking this down by sector, services grew 1.8 percent in 2019, production fell 1.3 percent and construction grew 2.5 percent.

In December, the economy recovered driven by growth in services. Monthly GDP rose 0.3 percent, offsetting a 0.3 percent fall in November.

In December, the visible trade balance swung to a surplus of GBP 845 million from a GBP 4.947 deficit in the previous month. In the same month last year, there was a deficit of GBP 13.767 billion.

Exports jumped 17.4 percent month-on-month after a 3.3 percent increase in the previous month. Imports decreased 0.1 percent after an 11.6 percent fall in November.

In the fourth quarter, industrial production dropped 0.8 percent, led by a 1.1 percent fall in manufacturing. Construction output was up 0.5 percent and services grew 0.1 percent.

Business investment declined 1 percent sequentially, in contrast to a 0.2 percent rise in the third quarter.

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