GDP growth confirmed at 0.5% in Q4
GDP increased by 0.5% between Q3 and Q4 2015, confirming overall growth for the year at 2.2%, according to the ONS.
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However this was slower than the 2.9% growth seen in 2014.
Q4 growth on an annual basis was confirmed at 1.9%, unrevised from the previously published estimate.
GDP in current prices remained flat between Q3 and Q4 2015. Household spending saw a rise of 0.7%, offsetting declining exports and business investment.
Doug Monro, co-founder of Adzuna, commented:
“The British economy is struggling to reach a secure footing – a small increase in GDP hides a less positive picture. High spending levels are supporting the services sector as personal finances see a small boost. Business and finance sectors are also seeing small growth levels. But this is being offset by decreases and instabilities in other industries and sectors. Job losses across all industries, from energy to retail are making their mark in the economic landscape and proving a real challenge within the labour market."
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