British Economy Grows 1.8% In 2005

At its slowest pace since 1992, the British economy grew by 1.8% last year official data confirmed on March 29.

British gross domestic product (GDP) growth rose by 0.6% during the fourth quarter of 2005 from the previous three-month period, again unchanged from the two previous estimates.

Output of the production sector fell by 0.9% in the fourth quarter, driven by a 1.1% decline in manufacturing output, partly offset by a 0.8% rise in energy extraction and a 0.1% rise in utilities.

The British economy is set to grow by 2%-2.5% this year, finance minister Gordon Brown said last week.

Copyright Agence France-Presse, 2006

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