UK fourth quarter GDP was downwardly revised to -0.6% from both advanced and expected readings of 0.5% contraction. On the year, the reading was also revised down to 1.5% from both advanced and forecasted of 1.7%.
Details with the release showed that exports climbed 2.3% compared with the revised 1.7% from the initial and expected readings of 1.5%, while imports rose to 3.0% from the previous and estimated readings of 1.7% and 1.8% respectively.
Total business investment dropped 2.5% from the prior 3.1% which was revised up to 4.0%, below forecasts of 0.4% decline. The year on year reading came in at 10.0% relative to the revised 9.5% from the initial 8.9% and expected 12.6%.