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| UK GDP growth unexpectedly revised down to 0.4% for final quarter of 2017 | UK GDP growth unexpectedly revised down to 0.4% for final quarter of 2017 |
| (35 minutes later) | |
| The UK’s GDP growth in the final quarter of 2017 has been unexpectedly revised down. | |
| The Office for National Statistics said the economy expanded by 0.4 per cent in the three months to December, down from its preliminary estimate last month of a 0.5 per cent expansion. | The Office for National Statistics said the economy expanded by 0.4 per cent in the three months to December, down from its preliminary estimate last month of a 0.5 per cent expansion. |
| City analysts had anticipated no change in the estimate. | |
| “A number of very small revisions to mining, energy generation and services were enough to see a slight downward revision to quarterly growth overall, despite headline services output being unchanged,” said Darren Morgan of the ONS. | “A number of very small revisions to mining, energy generation and services were enough to see a slight downward revision to quarterly growth overall, despite headline services output being unchanged,” said Darren Morgan of the ONS. |
| First quarter 2017 growth was revised down from 0.3 per cent to 0.2 per cent. | |
| However, GDP growth for the third quarter of 2017 was revised up from 0.4 per cent to 0.5 per cent. | |
| Together, the revisions take the ONS estimate for calendar year growth in 2017 down to 1.7 per cent, down from the 1.8 per cent seen previously. | |
| Annual growth between the final quarter of 2016 and the final quarter of 2017 was just 1.4 per cent, lower than any member of the G7 except Canada, which is yet to report its estimate. | |
| The ONS also reported that business investment was flat in the final quarter, lower than City expectations of 0.5 per cent increase. | The ONS also reported that business investment was flat in the final quarter, lower than City expectations of 0.5 per cent increase. |
| Household consumption grew by 0.3 per cent | |
| Exports declined by 0.2 per cent, while imports jumped by 1.5 per cent, meaning net trade dragged on overall growth. | |
| .”All told, the latest GDP data suggest that the economy remains in a fragile state and does not need to be cooled with another rate rise as soon as May,” said Samuel Tombs of Pantheon. |