U.K. Q4 GDP Growth Exceeds Estimate
The U.K. economy expanded more than previously estimated in the fourth quarter, a detailed report from the Office for National Statistics showed Thursday.
Gross domestic product climbed 0.6 percent in the fourth quarter from prior three months, which was revised up from 0.5 percent estimated on February 25. This was the 12th consecutive quarter of positive growth since early 2013.
Likewise, annual growth was revised to 2.1 percent from 1.9 percent in the fourth quarter.
In 2015, GDP grew by 2.3 percent instead of 2.2 percent estimated previously.
Another report from ONS showed that gross fixed capital formation fell 1.1 percent to GBP 76.6 billion in the fourth quarter. At the same time, business investment dropped 2 percent to GBP 43.3 billion.
In January, services output expanded 2.8 percent in January from prior year as all the main components of the services industries grew from same month a year ago. On a monthly basis, the index of services gained 0.2 percent in January.
In the fourth quarter, the current account deficit widened to GBP 32.7 billion from revised GBP 20.1 billion in the third quarter. The widening in the current account deficit was due to a widening in the deficits on primary income, total trade and secondary income.
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