Monthly headlines:
- UK GDP growth for Q4 2017 revised down and the trade deficit widens amid rising imports
- UK unemployment rises with productivity growth at its strongest since the economic downturn
- GDP growth in Germany and France reach six-year highs as the global economy strengthens
The second official estimate for Q4 2017 UK economic growth (GDP) stood at 0.4%, down from the previous estimate of 0.5%. The downward revision was driven by industrial output growing by slightly less than previously estimated.
In the three months to December 2017, the number of people in employment rose by 88,000. However, unemployment increased by 46,000 over the same period and the UK’s unemployment rate rose from 4.3% to 4.4%, the first increase since August 2016.
Germany’s economy, the largest in the Eurozone, grew by 0.6% in Q4 2017, outperforming the UK economy for the fourth successive quarter. Q4 growth was largely driven by an improvement in their net trade position with exports growing by 2.7%, more than offsetting the 2% rise in imports.
For full details of this month’s economic review click here.
