LONDON (MNI) – The fall in GDP in Q4 was “relatively minor”, the
UK’s Chief Statistician Joe Grice said Wednesday.
In a press conference following the release of preliminary GDP
data, Grice said that there were no special factors behind the latest
fall in growth.
GDP fell 0.2% on the quarter in Q4 and was up 0.8% on the year, the
first quarterly decline since Q4 2010. Analysts had expected a smaller
drop of 0.1% on the quarter and increase of 0.8% on the year.
The data, along with dovish comments from Bank of England Governor
King yesterday, are likely to fuel speculation that the central bank
could conduct further Quantitative Easing at the February Monetary
Policy Committee meeting.
When asked about whether the latest fall would have an impact on
employment, Grice said that usually employment and growth do move
together, but he added that in recent years there had been some
de-linking, with the labour market performing better than most had
expected.
–London newsroom: 44 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
