Monday 26 September 2016

UK economy grew by 0.5pc in Q4 but oil and global trade drag

Published 28/01/2016 | 10:05

The Shanghai Stock Exchange, pictured during a visit by Chancellor George Osborne
The Shanghai Stock Exchange, pictured during a visit by Chancellor George Osborne

The UK economy grew at a faster pace at the end of last year, but annual expansion slowed amid global trade woes and falling commodity prices.

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The first estimate from the Office for National Statistics (ONS) revealed that gross domestic product (GDP) eased to 2.2pc in 2015, down from 2.9pc the year before.

It added that expansion in the fourth quarter of the year picked up to 0.5pc, up from 0.4pc in the third quarter and following 0.5% in the second quarter.

The UK economy has slowed since last summer and this month Chancellor George Osborne said the UK faced a "dangerous cocktail of new threats" such as falling commodity prices, recessions in Brazil and Russia and rising tensions in the Middle East.

But in a tweet on the latest GDP figures, Mr Osborne said the data showed the UK "continues to grow steadily & despite turbulence in global economy we're pushing ahead".

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