The preliminary Gross domestic product expanded less-than-expected in the fourth quarter according to the Office for National statistics as construction and production shrank. Consumer demand increased. GDP grew by seasonally adjusted +0.5%, the lowest in a year, in the last quarter of 2014, not meeting forecasts of an increase by +0.6% and less than the previous reading of +0.7%, dampening the economic outlook.

Year on year GDP grew +2.7% in the fourth quarter, 0.1% below economist's estimates. An increase of +0.1% compared to the previous quarter.