UK GDP increases 0.7% in Q4
Preliminary figures issued by the National Statistics office in London on January 26, showed that Britain's gross domestic product (GDP) increased by 0.7% in the fourth quarter of 2004 compared with the previous quarter, faster than expected. For the year 2004 as a whole, analysts are now estimating a growth of 3.1% over 2003.
The improvement came despite a further decline in output from production industries of 0.5% and poor retail sales at Christmas. Manufacturing output decreased by 0.2%. Traditional industries also suffered with mining and quarrying decreasing by 3.3% and a decrease in electricity, gas and water supply of 0.1%.
However, output of the service industries is estimated to have increased by 1.0%
Distribution, hotels and restaurants increased by 0.3%.
