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U.K. GDP Growth Moderates In Q4

The U.K. economy grew at a slower pace in the fourth quarter, preliminary estimates from the Office for National Statistics showed Tuesday.

Gross domestic product grew 0.5 percent sequentially, slower than the 0.7 percent expansion seen in the third quarter and a 0.6 percent rise forecast by economists.

Output increased by 0.8 percent in services and 1.3 percent in agriculture. In contrast, output decreased by 1.8 percent in construction and 0.1 percent in production.

GDP grew 2.7 percent in the fourth quarter compared with the same quarter a year ago, which was slightly slower than the expected growth of 2.8 percent. In 2014, GDP was up 2.6 percent.

In the fourth quarter, GDP climbed 3.4 percent from the pre-economic downturn peak of first quarter of 2008. From the peak in first quarter of 2008 to the trough in the second quarter of 2009, the economy shrank by 6 percent.

In a separate report, the ONS said the index of services grew 3.2 percent in November from last year. On a monthly basis, services output edged up 0.1 percent in November.

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