Despite the Brexit announcement and all the political changes, the UK economy grew by 0,7% in the 4th quarter of 2016
UK GDP increased in the last quarter of 2016, says the the quarterly national account released by The Office for National Statistics (ONS). The report, which is normally published 90 days after the end of a quarter, states that UK GDP grew by 0.7% between the third and the fourth quarter of 2016.
As predicted by economists, the UK GDP growth in the last quarter of 2016 has not changed since an estimate was released in February this year. The increase in the GDP is still an improvement from an other estimate released in January, which estimated a 0.6% growth in the fourth quarter. According to The Office for National Statistics (ONS), the 0.7% increase in the GDP has been due to ‘’a continuation of strong consumer spending and strong output in consumer-focused industries’’.
Furthermore, the GDP in Current Prices and GDP per Head have both gone up with respectively 1.5% and 0.5%.
The report saw a slowdown in business investment, which has gone down by 0.9%. This has been caused by ‘’falls within the other buildings and structures and transport equipment assets’’ ONS reports. Despite the 0.9% decrease, it’s still a slight improvement from the estimate released in February, which estimated business investment to have gone down by 1.0%.
UK GDP grew by 1.8% between the last quarter in 2015 and 2016, which is unrevised from the second estimate the GDP released in February. The quarterly national account draws an overall positive picture of 2016, stating that despite a rather small growth of 0.2% in the first quarter of 2016, the GDP grew ‘’steady and consistent’’ throughout the rest 2016.
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