LONDON (dpa-AFX) - The UK economy expanded at a steady pace in the fourth quarter, the Office for National Statistics said on Friday.
Gross domestic product grew 1 percent sequentially, the same pace of expansion as seen in the third quarter. Economists had forecast a quarterly growth of 1.1 percent.
Still the level of quarterly GDP in the fourth quarter was 0.4 percent below its pre-coronavirus level.
On a yearly basis, GDP grew 6.5 percent, slightly faster than the 6.4 percent expansion expected by economists.
GDP expanded by an estimated 7.5 percent in 2021, following a 9.4 percent fall in 2020.
In December, GDP contracted 0.2 percent, in contrast to the revised 0.7 percent growth in November.
Services were the main contributor to GDP's 0.2 percent fall in December as output fell 0.5 percent. Meanwhile, production output increased 0.3 percent with growth in three out of the four sub-sectors. Manufacturing gained 0.2 percent.
At the same time, construction output climbed 2.0 percent in December, following an increase of 1.9 percent in November.
Another report from the ONS showed that the visible trade deficit narrowed to GBP 12.35 billion in December from GBP 12.7 billion in November.
Overall trade balance, covering both goods and services, showed a deficit of GBP 2.34 billion compared to a GBP 2.58 billion deficit in the previous month.
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