GDP Up

Gross Domestic Product (GDP) upThe UK’s Gross Domestic Product (GDP) was up in Q4 of 2007.

Data from the Office of National Statistics shows the UK economy grew by 0.6% in the last quarter of 2007 compared to economic growth of 0.7% in Q3.

A drop in the growth of services was offset by an increase in production.

Total production output remained at zero growth in Q3 but rose by 0.3% in the fourth quarter with mining, quarrying and utilities bolstering growth whereas manufacturing growth stayed flat.

Service output fell due to weaker growth in business and financial services with retail also slowing markedly.

Agriculture, communications, construction, distribution, hotels & restaurants, transport and storage services did see gains.

Transport, storage and communications contributed the most to the economic growth with telecommunications & postal services adding most to the figures.

See the ONS for greater details on GDP Growth.

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