UK GDP Slowed in Final Quarter of 2014
While the overall economic news for the UK in 2014 was good, the final quarter showed evidence that the economy may be slowing, with the growth rate reducing to 0.5% between October and December.
Looking more closely at the details of growth, we see that the services industry is still going strong, but that the mining, construction and production industries have slowed, and in the cases of construction and production, both have actually shrank. This doesn’t bode well for the conservative economic platform and their goals, as they were aiming for an economic shift away from a consumer driven economy to a more productive one, and the results of the last quarter seem to suggest that the opposite has occurred.
Whether or not this loss of momentum is indicative of a continuing slow-down in our economy is still up for debate, but with the negative factors influencing our economy expected to persist, the outlook still isn’t totally positive.