TOP NEWS: UK Economy In 2018 Had Slowest Growth In Nearly A Decade

LONDON (Alliance News) - The UK economy slowed "markedly" in the final quarter of 2018, the ...

Alliance News 11 February, 2019 | 9:50AM
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LONDON (Alliance News) - The UK economy slowed "markedly" in the final quarter of 2018, the Office for National Statistics showed on Monday, with gross domestic product for the year as a whole posting its worst annual performance since 2009.

The economy grew just 0.2% in the final three months of 2018 on the quarter before, down 0.4% in the month of December alone. While this quarterly performance was in line with economist expectations, it was down from the 0.6% posted for the third quarter.

On a year-on-year basis, UK GDP grew 1.3% in the fourth quarter. This represented a slowdown in annual growth from 1.6% in the third quarter, and below analyst expectations for 1.4% growth.

"Following a pickup in activity over the summer months – in part due to warm weather and the World Cup – real GDP growth slowed markedly in the final quarter of 2018," the ONS commented.

UK construction, production and services output all fell in December, which the ONS noted was first time that there was such a broad-based fall in monthly output since September 2012.

In the fourth quarter, production output fell by 1.1%, its largest decline since the fourth quarter of 2012, including a 0.9% shrinkage in manufacturing output. Following two consecutive quarters of growth, construction output fell by 0.3% in the quarter. Services output growth slowed to 0.4% in the quarter.

For 2018 as a whole, the ONS said the UK economy grew by 1.4%, the weakest since 2009.

By Lucy Heming;

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