The U.K. economy grew as expected by 0.5% in the fourth quarter of 2014, compared to 0.7% in the previous quarter. The figure was unrevised from the Office for National Statistics original estimate. Year on year the economy expanded 2.7%, also in line with expectations. The data underlined the optimism about the country's economy.
Business Investment fell at the fastest pace in almost six years by -1.4%, far below estimates of an increase of 2.3% and below a revised previous reading of -1.2% (revised from -1.4%). Lower oil prices led to declining investments in the energy sector. Year on year Business Investment rose less at a pace of 2.3% compared to revised 6.3% ( 2.7%).