Q4 GDP Revised Down 0.1pp To 0.4% q/q; +1.4.>

UK DATA: Q4 GDP Revised Down 0.1pp To 0.4% q/q;  +1.4 y/y

-UK Q4 Household Spending +0.3% q/q vs revised +0.4% q/q in Q3

-UK Q4 Business Investment flat q/q vs revised +0.9% q/q in Q3

-UK Dec Index of Services flat m/m; +1.4% y/y: +0.6% 3m/3m

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Quarterly and annual GDP growth in the final quarter of 2017 were 

both revised down 0.1pp as  production (IOP) and services activity were 

softer than originally estimated. Q4 IOP output was revised down 0.1pp 

to 0.5% q/q, with the Forties oil/gas extraction hit larger than 

previously estimated and a larger than expected drop in energy 

production. Services activity was also revised lower though not enough 

to generate a downward tick in the q/q rate. Elsewhere, household 

spending came in weaker in Q4, net trade dragged on growth (-0.5pp) and 

business investment was flat - the lowest calendar quarter outturn 

in a year. Annual growth in 2017 was revised down 0.1pp to 1.7%.