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(CEP News) Frankfurt - UK GDP contracted 1.5% in the fourth quarter, in line with advance estimates, the Office for National Statistics reported on Wednesday. Expectations had been for a more pronounced decline of 1.6% after the economy shrunk 0.6% previously.
On an annualized basis, the ONS said that according to its second estimates, overall output in the UK fell 1.9% in Q4 as expected, down from both the 1.8% decline suggested by previous estimates and Q3's modest gain of 0.3%. The statistics office also reported that private consumption fell 0.7% in Q4, down from both the 0.6% contraction expected and the 0.2% fall in the third quarter. Both exports and imports surprised to the downside, falling 5.5% and 5.9% respectively. On the other hand, government spending increased 1.5% in the fourth quarter, more than double the 0.6% gain expected and triple Q3's increase. Investment levels also came in stronger-than-expected, falling 2.3% quarter-over-quarter against an expectation of a 4.4% decline. Written by CEP News European Staff,
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, edited by Stephen Huebl,
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