UK economic growth slowed to just 0.2 percent in the fourth quarter of 2018, according to new figures released by the Office for National Statistics.

Gross domestic product (GDP) growth fell to 0.2 percent between October and December, following a strong third quarter, in which it grew by 0.6 percent, when the warm weather boosted the economy.

In addition, the Office for National Statistics added that the annual GDP growth for 2018 increased by 1.4 percent, however that marks the lowest it has been since 2012.

While month-on-month GDP growth fell 0.4 percent in December, having grown 0.2 percent in October and November 2018.

Rob Kent-Smith, Office for National Statistics head of GDP, said in a statement: ”Declines were seen across the economy in December, but single-month data can be volatile, meaning quarterly figures often give a better indication of the health of the economy.

“The UK’s trade deficit widened slightly in the last three months of the year, while business investment again declined, now for the fourth quarter in a row.”

The chancellor Philip Hammond, commented on Twitter: “The UK’s economy continues to grow and remains fundamentally strong. Growth of 1.4 percent in 2018 means the UK has grown every year for the past 9 years, and the OBR expects it to continue growing every year in the forecast.”

 

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