The following is the unedited transcript of the news release from the UK National Statistics.


GDP grew by 0.6 per cent in the fourth quarter of 2007. This compares to 0.7 per cent in the previous quarter. The level of GDP is now 2.9 per cent higher than the fourth quarter of 2006. For the year 2007 as a whole GDP rose by 3.1 per cent over 2006, up from 2.9 per cent in the previous year.

The slower growth in the latest quarter was driven mainly by weaker growth of services output.

The output of the production industries rose by 0.1 per cent. Output of utilities rose by 1.7 per cent and mining and quarrying by 0.3 per cent.

Growth in the service industries rose by 0.6 per cent in the fourth quarter, down from 0.9 per cent in the previous quarter. Output of the business services and finance industry grew by 0.5 per cent. Output of government and other services rose by 0.7 per cent.

Construction output rose by 0.7 per cent in the latest quarter.

Household expenditure rose 0.2 per cent in the fourth quarter, compared with 0.9 per cent in the previous quarter and is now 2.7 per cent above the same quarter of 2006.

Government final consumption expenditure rose by 0.9 per cent in the latest quarter and is now 2.2 per cent above the level seen in the fourth quarter of 2006.

The trade deficit in real terms narrowed to £11.3 billion in the fourth quarter from 12.0 billion in 2007 quarter three. Exports of goods and services fell by 0.5 per cent and imports of goods and services fell by 1.2 per cent.

Compensation of employees, measured at current prices, rose by 1.1 per cent and is now 4.5 per cent above the level seen in the fourth quarter of 2006.

Growth in total gross operating surplus of corporations was flat and is now 4.7 per cent higher than the fourth quarter of 2006.


Available at:

http://www.statistics.gov.uk/cci/nugget.asp?id=192