Economy slows

Growth in the UK economy slowed down at the end of last year, the first estimates show.

Gross domestic product (GDP) — the main economic indicator of economic growth — is estimated to have increased by 0.5% in the final quarter of 2014 on the previous quarter, compared with 0.7% growth in the third quarter of last year.

Service sector output increased by 0.8%, following a similar rise in the third quarter. Production sector output decreased by 0.1%, but manufacturing output, which makes up the sector along with mining and utilities, was up by 0.1%, according to the Office for National Statistics.

GDP was 2.7% higher in the fourth quarter 2014 compared with the same quarter 2013. And GDP in 2014 as a whole was up by 2.6% on 2013.

www.ons.gov.uk/ons/dcp171778_392909.pdf