UK Q4 GDP left unrevised at 0.5% as expected

The data released by the UK Office for National Statistics (ONS) showed the Q4 GDP second estimate was unchanged on the first read, with q/q growth higher by 0.5% and y/y growth up 1.9%.

The major contributors to growth were service sector and construction sector. Business investment was revised lower to 2.4% y/y from 4.5% y/y and to -2.1% q/q FROM 1.2% q/q.

Consumer spending drove the UK economy to a 12th straight quarter of growth as slowdown in China and Eurozone took a toll in UK’s exports. Exports fell 0.1% in Q4, and net trade shaved off 0.4 percent point from growth in the period,