GDP likely grew in last quarter

LONDON (Reuters) - The economy grew by 0.5 percent in the three months to end-December, the same as in the three months to November, which was the slowest rate since July 2005, the National Institute of Economic and Social Research said on Saturday.

"This is a welcome moderation from a growth rate that has been persistently above trend for the past two years," NIESR said in a statement. "We expect GDP growth to be significantly below trend this year."

The Bank of England left interest rates at 5.5 percent on Thursday but is widely expected to trim borrowing costs next month to ward off a sharp slowdown in the economy.