The UK economy grew by 2.6% in 2014, the fastest growth since 2007 before the global financial crisis struck. But official figures showed growth slowed in the final three months of the year, with GDP up a quarterly 0.5%, below the forecast 0.6% growth and down from 0.7% in third quarter.

With 100 days to go until the election, Chancellor George Osborne is focusing on the annual figure. Markets, however, are more concerned about signs of the recovery losing steam with the pound weakening in morning trading.

Here, some of the UK’s economists and commentators respond to the GDP figures from the Office for National Statistics.

Samuel Tombs, Capital Economics

The fourth quarter rounds off what has been an impressive year of growth for the UK economy, with the 2.6% annual rise in GDP looking likely to have been the largest amongst the G7 economies. Admittedly, growth has partly been driven by some unsustainable stimuli, including consumers saving less and a modest loosening of fiscal policy. And the UK’s general election, which looks likely to lead to a hung parliament, could foster a period of political uncertainty that dampens investment and confidence. Nonetheless, with the recent halving of oil prices providing a timely boost to households’ discretionary spending power, credit still becoming cheaper and pay growth on an improving trend, we think that GDP growth could pick up to 3% this year. In short, the best days of the UK’s recovery may still lie ahead.

Howard Archer, IHS Global Insight

Despite growth losing some momentum in the latter months of 2014, we are largely upbeat about growth prospects for 2015 and expect GDP to expand 2.7% – although any sustained political uncertainty would pose a significant downside risk ...

However, there is the very real risk that growth could take a significant hit in 2015 from heightened political uncertainty in the run-up to May’s general election weighing down on business confidence and investment. This would be magnified if there is further marked political uncertainty following the election.

Is the UK economy too dependent on services?

Rain Newton-Smith, CBI Director for Economics

The UK economy is still advancing at a steady pace, having sustained strong growth since the beginning of 2013.

Today’s figures confirm that growth slowed slightly compared with the previous quarter. Service sector growth remains robust, but manufacturing continues to struggle with weaker export orders, and construction output has fallen in the last three months.

The UK should benefit from the fillip that quantitative easing will provide to the eurozone. However, this needs to go hand-in-hand with structural reforms, like making France’s labour market more flexible and greater infrastructure investment in Germany.

Ian Stewart, chief economist at Deloitte

Despite continued uncertainties in the euro area and May’s general election at home, prospects for the UK economy remain good. Easy credit conditions, collapsing oil prices and rising earnings mean that 2015 will be a good year for UK consumers. Having posted one of the strongest growth rates of the big industrialised nations in 2014, the UK should see good growth through 2015.

Lee Hopley, EEF, the manufacturers’ organisation

While the economy was still expanding at a decent pace at the end of last year, it was not across all sectors and not quite as fast as most forecasts were expecting. The UK has an enviable performance compared with most other developed economies, but there was some notable weakening, not least in parts of manufacturing, through the second half of 2014.

With UK manufacturers entering 2015 in a more cautious mood, given some of the risks in the global outlook the next 100 days of election campaigning need to shed more light and certainty on the priorities for business growth, investment and job creation.

Ian Kernohan, Royal London Asset Management

Based on preliminary estimates of GDP, which can be substantially revised at a later date, growth looks to have slowed a little in the second half of last year, but with the main business surveys still pointing towards economic expansion, there is little cause for alarm. The good news is that interest rates look set to remain on hold until at least the end of 2015.

Chris Williamson, Markit

There are lots of reasons to believe that growth could pick up again in a favourable environment of rising wages, low inflation and low interest rates, meaning the UK should enjoy another year of solid economic growth in 2015 ...

However, until exports pick up, growth is looking unbalanced, and once again all-too dependent upon the consumer ...

There are also risks to the outlook which could cause growth to disappoint this year. The eurozone is potentially entering a new phase of political uncertainty arising from the anti-austerity Syriza party victory in Greece. The upcoming general election in the UK also poses a threat to stability in the event of an inconclusive outcome. There’s also the possibility of financial market stress if the US starts to hike interest rates later this year, and geopolitical risks such as the escalation of the Russian-Ukraine crisis likewise pose a threat to global stability.