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UK: UK confirms economic growth at 0.5% in Q4
 
LONDON (ShareCast) - The UK economy confirmed growth of 0.5% in the fourth quarter of 2014, in line with the preliminary reading and economists' expectations. The data showed the UK grew 2.7% on an annual basis, up from a prior reading of 2.6%, indicating no change from the earlier estimates. However, the figures denote a downward trend as the UK economy grew at 0.8% on a quarterly basis in the second quarter of 2014 and 0.7% in third quarter.
Growth in the fourth quarter was held by the sharp fall in oil prices, which should continue to boost household budgets this year, but, uncertainty around the election in May and renewed troubles in the Eurozone are key risks for growth prospects, particularly after the anti-austerity party Syriza was voted into government in Greece last month.
That being said, strong retail sales and a dominant services sector may be able to lift the country's economy in the coming quarters as consumer spending remains robust in 2015. The UK's economy is heavily reliant on consumer spending and retail sales given that its services sector accounts for nearly 80% of GDP.
The data comes after the Organisation for Economic Co-operation and Development (OECD) earlier this week said the UK's growth rate is now the highest in the G7 leading nations at 2.6% and importantly, back above its pre-crisis level with the pace of recovery overtaking France and closing in on Germany.
Economists at Citigroup (NYSE: C - news) are similarly optimistic on the UK economy, saying the underlying pace remains fairly strong as business surveys generally improved in January and point to above-trend growth, while consumer confidence has risen sharply in recent months as real incomes pick up.
"We continue to look for real GDP growth of about 3% year-year-on-year in both 2015 and 2016, with a marked upturn in consumer spending as household real income growth strengthens. The (Bank of England's) MPC (KOSDAQ: 050540.KQ - news) is likely to be patient over tightening and we pencil in the first hike for early 2016," added Citi's economists.
Across financial markets, the UK's FTSE100 index remains above 15 year highs, trading flat at 6931 while the UK pound changes hands at 1.55 against the US dollar and UK 10-year Gilt yields are up 2.4% at 1.68.
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