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Britain's economic growth rate falls at end of 2014, but remains among best in developed world

LONDON – Official figures show Britain’s economy slowed in the fourth quarter of 2014 but remained one of the better-performing economies in the developed world.

The economy grew 0.5 per cent from the previous three-month period. That’s a dip from a 0.7 per cent expansion rate in the third quarter and 0.8 per cent in the second quarter. The quarterly rate has not been slower since the fourth quarter of 2013, when it was 0.4 per cent.

However, the Office of National Statistics says the economy grew by 2.6 per cent for the year — the best level since 2007 and among the highest rates among the world’ biggest economies.

Joe Grice, ONS chief economist, says there was slower activity in industries like construction, mining and energy supply, which he says “can be erratic.”