- GDP growth in Q4 2014 was 0.5%, down from 0.7% in Q3
- Services increased by 0.8%, but total production was down by 0.1% and construction fell by 1.8%
- GDP in Q4 2014 was 2.7% higher than a year earlier, and 3.4% higher than its pre-recession peak in Q1 2008
Commenting on the GDP figures for Q4 2014, published today by the ONS, David Kern, Chief Economist of the British Chambers of Commerce said:
“The slowdown in Q4 growth was larger than we had predicted, mainly due to a significant fall in construction. Although business confidence remains high, there is no doubt that the pace of expansion is easing, reflecting a general slowdown in the global economy, particularly in the eurozone.
“While there is ongoing debate about the possibility of a prolonged slowdown, we must reject the defeatist view that this is unavoidable. If the incoming government fosters the growth aspirations of businesses, the UK economy can regain its dynamism and achieve sustained growth.”