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| Version 1 | Version 2 |
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| UK expands 0.5% in fourth quarter | UK expands 0.5% in fourth quarter |
| (35 minutes later) | |
| The UK economy grew by 0.5% in the three months to end of December, official figures show, taking the annual rate of growth for 2015 to 2.2%. | The UK economy grew by 0.5% in the three months to end of December, official figures show, taking the annual rate of growth for 2015 to 2.2%. |
| The figures, from the Office for National Statistics show quarterly growth above the third quarter's 0.4%. | The figures, from the Office for National Statistics show quarterly growth above the third quarter's 0.4%. |
| But it leaves annual growth down on 2014's growth rate of 2.9%. | But it leaves annual growth down on 2014's growth rate of 2.9%. |
| Output in the three months to December was 1.9% higher than a year earlier, down from 2.1% in the third quarter and the smallest increase since early 2013. | Output in the three months to December was 1.9% higher than a year earlier, down from 2.1% in the third quarter and the smallest increase since early 2013. |
| The annual pace of growth maybe the slowest for three years but still puts the UK economy among the fastest growing among the developed nations. | The annual pace of growth maybe the slowest for three years but still puts the UK economy among the fastest growing among the developed nations. |
| The figure is in line with a recent forecast by the International Monetary Fund which said the UK's economy would growth at 2.2% in 2015, and for the next two years. | The figure is in line with a recent forecast by the International Monetary Fund which said the UK's economy would growth at 2.2% in 2015, and for the next two years. |
| But they also suggest that the robust growth of the past two years will not return until the world economy regains strength. | But they also suggest that the robust growth of the past two years will not return until the world economy regains strength. |
| 'Unsettling' | 'Unsettling' |
| Chris Williamson from Markit said:"The upturn masks an unbalanced economy and a slowing pace of expansion, with the annual rate of growth slipping to the weakest for almost three years. | Chris Williamson from Markit said:"The upturn masks an unbalanced economy and a slowing pace of expansion, with the annual rate of growth slipping to the weakest for almost three years. |
| "Uncertainty over 'Brexit', weak overseas growth and financial market volatility are all creating an unsettling business environment and point to downside risks to the economy in 2016. | "Uncertainty over 'Brexit', weak overseas growth and financial market volatility are all creating an unsettling business environment and point to downside risks to the economy in 2016. |
| "The coming year could easily see the pace of economic growth slow further from last year's 2.2% expansion, and the chances are growing that we will see yet another year in which interest rates are left at their record low of 0.5%," he said. | "The coming year could easily see the pace of economic growth slow further from last year's 2.2% expansion, and the chances are growing that we will see yet another year in which interest rates are left at their record low of 0.5%," he said. |
| Earlier this month, figures for November showed that UK industrial output had suffered its sharpest decline since 2013. | Earlier this month, figures for November showed that UK industrial output had suffered its sharpest decline since 2013. |
| 'Cocktail' | 'Cocktail' |
| The Chancellor, George Osborne, recently warned that the UK was facing a "cocktail" of serious threats from a slowing global economy. | The Chancellor, George Osborne, recently warned that the UK was facing a "cocktail" of serious threats from a slowing global economy. |
| Osborne: UK faces 'cocktail' of economic risks | Osborne: UK faces 'cocktail' of economic risks |
| What is the 'cocktail' of financial risks? | What is the 'cocktail' of financial risks? |
| Senior economist, Hargreaves Lansdown, Ben Brettell, said: "Your interpretation of today's GDP figures will depend on whether you take a 'glass half full' or a 'glass half empty' view of the UK economy. The bigger picture is that growth remains lacklustre, but reasonably resilient. | Senior economist, Hargreaves Lansdown, Ben Brettell, said: "Your interpretation of today's GDP figures will depend on whether you take a 'glass half full' or a 'glass half empty' view of the UK economy. The bigger picture is that growth remains lacklustre, but reasonably resilient. |
| "Weaker construction and production output are the primary reasons for the slowdown, which could prompt concerns that the UK economy's reliance on the services sector is increasing further. | "Weaker construction and production output are the primary reasons for the slowdown, which could prompt concerns that the UK economy's reliance on the services sector is increasing further. |
| "Production output declined 0.2% in the fourth quarter and construction was down by 0.1%, whereas the dominant services sector grew by 0.7%." | |
| BBC Economics Correspondent, Andy Verity has tweeted: "Construction is officially in recession - if you take the measure of two quarters of falling economic growth." | |
| The Bank of England Governor Mark Carney said last week that he wanted to see above-average growth in the economy and a pick-up in wages before raising rates. | |
| Now economists do not expect the central bank to move until the tail end of this year. |