The United Kingdom GDP was estimated to have expanded 0.5 percent in the fourth quarter, according to Office for National Statistics release. The latest GDP pace was quicker than the 0.4 percent increase seen in the third quarter.
The services, which were the dominant one, drive the United Kingdom GDP increase by 0.6 percent from the preceding quarter. However, long-term trend continued to demonstrate a weakness in growth.
Similarly, the United Kingdom’s GDP gained because of 0.6 percent expansion in industrial production driven by second straight quarter of robust growth seen in manufacturing.
The release added, “Growth in manufacturing was partially offset in total production by a significant fall in oil and gas extraction, caused by the well-publicised repair work made to the Forties pipeline.”
On the other hand, construction has seen a drop for the third straight quarter. However, the annual growth during the period of 2016 and 2017 was strong at 5.1 percent on strong start to last year.
The national GDP was projected to have advanced 1.8 percent between the years 2016 and 2017. However, this was lower than the 1.9 percent uptick seen in 2015 and 2016.