- UK GDP growth in Q4 2014 was revised up from 0.5% to 0.6%
- Annual GDP for 2014 as a whole is now estimated to have grown by 2.8%, revised up 0.2%
- Services were the main growth driver in Q4, expanding by 0.9%
- Business investment fell by 0.9% in Q4 2014, although annual figures still show good growth
- The UK current account deficit in Q4 2014 was 5.6% of GDP
Commenting on the GDP figures for Q4 2014, published today by the ONS, David Kern, Chief Economist of the British Chambers of Commerce said:
“While the upgrade in growth is positive, some of the details are concerning and highlight the need to shift our economy towards a more sustainable model.
“As in recent quarters, services and consumer spending were the main drivers of the economy. But while a healthy consumer sector is vital to the UK economy, it is clear we need a greater contribution from exports and investment. It is therefore concerning that business investment fell last quarter and the current account deficit remains unacceptably large, despite slight improvements in the trade balance.
“The next government must do more to back long-term business investment and support British exporters.”
Commenting on the Q4 2014 GDP figures, Nova Fairbank, Norfolk Chamber said:
“The latest GDP figures are encouraging but highlight there is still work to be done. The Norfolk business community continues to strive for more economic growth and jobs. However to achieve this and to compete with the rest of the UK, four important areas need to be addressed: improvements to road and rail links; better broadband and mobile coverage; support for our young people to help bridge the gap between education and the world of work; and more help for existing exporters to access new overseas markets and encouragement to get more companies to start exporting. These are all key areas that Norfolk Chamber will be campaigning for and working with the Norfolk business community to achieve.”
