UK GDP Growth Revised Up to 0.6% in Q4
The British economy advanced 0.6 percent on quarter in the last three months of 2014, higher than 0.5 percent estimate released last month and driven by rise in exports.
3/31/2015 12:33:39 PM
In the fourth quarter, net trade contributed positively to the growth. Exports grew by 4.6 percent, following a 0.1 percent decrease in Q3. Imports increased by 1.6 percent following a 1.4 percent increase in Q3.
Household final consumption expenditure rose by 0.6 percent in the last three months of 2014 and has increased for fourteen consecutive quarter. The largest increase came from miscellaneous goods and services.
In contrast, government spending fell by 0.2 percent in Q4, following a 0.5 percent increase in Q3. Non-profit institutions serving households’ (NPISH) final consumption shrank 3.2 percent and gross fixed capital formation was estimated to have decreased by 0.6 percent. Business investment dropped 0.9 percent.
Year-on-year, the economy advanced 3 percent in the last quarter of 2014, up from a preliminary estimate of 2.7 percent bringing full year growth to 2.8 percent.