As per the Office for National Statistics, the UK economy grew 0.4% q-o-q in Q3 2015, below the previous estimate of 0.5%. On a y-o-y basis, growth was revised down to 2.1% from the earlier reading of 2.3%. The agency stated that weak expansion in the country’s services sector, particularly financial services, was the prime reason for slow growth.

As per the Office for National Statistics, the UK’s public borrowing rose 10% y-o-y to £14.2bn in November. Currently, the government’s borrowing stands at £66.9bn. The borrowing is close to the budget of £68.9bn set by the Office for Budget Responsibility for FY 2015/16.

According to a GfK survey, the UK’s consumer confidence index increased to +2 in December from +1 in November. This marks the first year since 1974 that the index has remained positive for an entire year.

The World Trade Organization (WTO)’s member countries reached an agreement to remove subsidies on farming exports. The developed countries have agreed to immediately stop the subsidies, while the developing countries must follow by the end of 2018. This move is expected to help farmers in poor countries to compete more fairly.

As per the Office for National Statistics, retail sales in the UK jumped 1.7% m-o-m in November, after a 0.5% fall during the previous month. The improvement in sales was mainly led by more promotions by retailers as well as higher discounts on Black Friday. On y-o-y basis, sales rose 5.0% compared with 4.2% gain in October.

The US Federal Reserve’s policy-setting committee increased its benchmark interest rate by 25 basis points to 0.25-0.50%, marking the first increase since 2006. Furthermore, the agency would gradually increase the rate depending on inflation and employment data. The Fed also raised its projected economic growth for the next year to 2.4% from 2.3%.

As per the Office for National Statistics, the UK consumer price index (CPI) rose 0.1% in November, which is its first positive reading in four months, from last month’s reading of -0.1%. The improvement in prices was led by transport costs and alcohol and tobacco prices.

As per Eurostat, industrial output in the Eurozone improved 0.6% m-o-m in October, after declining 0.3% m-o-m in September, marking the first increase in three months. The improvement was led by an increase in the production of energy and non-durable consumer goods.

As per the property tracking website Rightmove, the asking price per home in the UK declined 1.1% m-o-m in December after falling 1.3% in November. On a y-o-y basis, house prices rose 7.4% following a 6.2% gain in the previous month.

The Monetary Policy Committee of the Bank of England (BoE) retained its benchmark interest rate at 0.5%, with an 8-1 vote in favour of maintaining rates. This move matches market expectations. Falling oil prices and slow wage growth are the prime reasons for BoE maintaining rates. The rate has remained unchanged since March 2009. The committee also maintained its quantitative easing program at £375bn.

As per the Royal Institution of Chartered Surveyors, the monthly house price balance in the UK fell to +49 in November from +50 in October. The drop was largely due to a decline in the sale of properties and fewer properties in the market.

As per the Office for National Statistics, manufacturing output in the UK fell 0.4% m-o-m in October, after rising 0.9% in September. On y-o-y basis, the output fell 0.1%, marking the fifth consecutive month of contraction. The manufacturing sector has failed to contribute to the country’s economic growth in 2015.

As per a survey conducted by the British Retail Consortium (BRC), retail sales fell 0.4% y-o-y on a like-for-like basis, the slowest November since 2011, following a 0.2% decline in October. While, total sales improved 0.7% y-o-y in November compared with a 2.2% rise in November 2014.

The Greek Parliament approved the 2016 budget, which includes significant spending cuts and tax increases. A total of €5.7bn would be cut in public spending, including €1.8bn from pensions and €500m from defence. In spite of the cuts, the budget would have a higher deficit than the 2015 budget.

As per Markit, UK’s services purchasing managers index (PMI) improved to 55.9 in November, the highest in four months, from 54.9 in October. Moreover, job creation in the sector remained high despite the introduction of National Living Wage. The agency further stated that the economy is expected to grow 0.6% in Q4 2015 from a 0.5% growth in Q3 2015.

According to Fed Chairperson Janet Yellen, the agency remains on track to increase interest rates from the record lows in December. The agency stated that a balance of financial and economic data over the past one year and the expected growth in the economy drove its decision to increase rates. However, Yellen warned that poor economic data release over the next two weeks may change the Fed’s decision.

According to the British Retail Consortium, shop prices in the UK fell 2.1% y-o-y in November, compared with 1.8% in October, matching the record decline in March 2015. The decrease was ascribed to a 3.3% y-o-y fall in non-food prices in November.

As per data from the Bank of England, mortgage approvals for house purchases rose to 69,630 in October from 69,012 in September. The value of mortgage lending grew by £3.62bn from £3.56bn in September, the biggest increase since April 2008. Meanwhile, consumer credit rose 8.2% y-o-y in October, matching the nine-and-a-half-year high in September