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UK Q4'17 GDP growth confirmed at 0.4%; services, production output revised lower

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UK Q4'17 GDP growth confirmed at 0.4%; services, production output revised lower

The U.K. economy grew by 0.4% in the fourth quarter of 2017 from the third quarter, a third estimate from the Office for National Statistics showed.

The overall figure was unrevised from the second estimate, but services sector growth was revised downward by 0.2 percentage point to 0.4%.

Production output was revised lower by 0.1 percentage point to 0.4%. Construction output declined by 0.1%, an upward revision from a decrease of 0.7% previously estimated.

Britain's trade deficit for the fourth quarter was revised downward to £9.38 billion in volume terms from the second estimate of £12.24 billion because of revisions to both goods and services trade components. Business investment in the country grew by 0.3% from the previous quarter, an upward revision of 0.3 percentage point.

The country's GDP grew by 1.8% in 2017, up 0.1 percentage point from the previous estimate of 1.7% and down from 1.9% in 2016.