2014 saw pre-crisis growth levels
The Office for National Statistics' Quarterly GDP Update confirmed that the UK economy grew by 0.5% in the final quarter of 2014, resulting in a growth rate of 2.6% for 2014 as a whole - the strongest calendar year rate of growth since 2007.
Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in C:\inetpub\wwwroot\2025.financialreporter.co.uk\htdocs\templates\front-end\partials\article_blockquote.php on line 2
However, a slowdown in the construction industry weakened the overall picture, with construction output falling by 1.8% on the quarter resulting in a negative contribution of 0.1 percentage points.
GDP growth slowed in Q4 2014 compared to 0.7% in Q3 2014 and the 0.6% rise forecast by economists.
The economy is now 3.4% above its pre-downturn level of output in Q1 2008. The services industry continued to be the main driver of growth in output, contributing 0.6 percentage points to the quarterly GDP growth rate.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Lloyds
Lloyds Banking Group launches £5,000 deposit mortgage
Mortgage Rates
Barclays relaunches sub-4% mortgage rate
FCA
FCA bans and fines director £755,000 for advice and insurance failures
Bank Of England
Bank of England holds interest rates at 3.75% in 8-1 vote
Mortgages
Mortgage affordability at tightest level since 2008: UK Finance
Nationwide
Nationwide cuts mortgage rates by up to 0.36%
