3/31, 8:01 AM (Source: TeleTrader)
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UK's GDP expands 1.3% in Q4

The United Kingdom's gross domestic product (GDP) rose 1.3% in the fourth quarter of 2020, data from the country's Office for National Statistics (ONS) showed on Wednesday. The GDP is down 7.3% compared to Q4 in 2019. Compared to the last report, the figure was revised up by 0.3 percentage points.

The services sector output increased by 1.0% in the three-month period, but remained 6.8% below the 2019 levels. Production climbed by 2.0% and is now 3.2% lower year-over-year. Construction output rose 2.7% compared to the prior quarter and is 5.9% below its pre-pandemic levels.

For the full year, the UK economy is seen to have shrunk 9.8% in comparison to 2019. GDP in the second quarter was revised downwards by 0.5 pps to 19.5%, while the third saw an upwards correction of 0.8 pps to 16.9%.

Baha Breaking the News (BBN) / MD