Q4 GDP Growth +0.5% q/q; +1.5% y/y; GDP Up..>

UK DATA: Q4 GDP Growth +0.5% q/q; +1.5% y/y; GDP Up 1.8% in 2017   

-UK Nov Index of Services +0.4% m/m; +0.4% 3m/3m; +1.6% y/y  

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GDP growth came in above both estimates of both market analysts and 

the Bank of England in Q4, courtesy of strong outturns in the services 

and production sectors. Production was up 0.6% q/q, accounting for 0.1pp 

of Q4 GDP growth, driven almost entirely by a 1.3% q/q rise in 

manufaturing output. Services output was also up 0.6% on the quarter, 

driven more by business services and finance than consumer-facing 

service businesses, and accounted for 0.4pp of quarterly growth. 

Construction output was down 1.0% on the quarter, the weakest outturn 

since Q3 2012. This meant that growth in 2017 averaged 1.8% on an annual 

basis, a shade below 2016's 1.9%.