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- United Kingdom GDP grew more than expected in January
United Kingdom GDP grew more than expected in January
According to the report from Office for National Statistics, UK gross domestic product (GDP) grew by 0.2% in Quarter 4 2018. A large positive contribution from the services sector was partially offset by smaller negative contributions from the production and construction sectors. Growth in the services sector was 0.4% in Quarter 4 (Oct to Dec) 2018. Meanwhile, the production industries contracted by 1.1% and construction contracted by 0.3%. These growths mean that the services sector was the only positive contributor to gross domestic product (GDP) growth in Quarter 4, while the other two sectors had negative contributions.
Headline annual gross domestic product (GDP) growth was 1.4% in 2018, the lowest it has been in six years. Meanwhile, the services sector had annual growth of 1.7%, the lowest since 2011 and the production sector had annual growth of 0.7%, the lowest since 2013. Construction annual growth was 0.6%, the lowest since 2012.
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