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Brexit latest: Growth for final quarter of 2016 revised up to 0.7 per cent Brexit latest: Growth for final quarter of 2016 revised up to 0.7 per cent
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The UK economy picked up its pace of growth in the final quarter of 2016, although full year GDP growth for 2016 was revised down. The UK economy picked up its pace of growth in the final quarter of last year, although full year GDP growth for 2016 was revised down.
The Office for National Statistics' first estimate of growth for the three months to December, released last month, was 0.6 per cent but this was revised up on Wednesday to 0.7 per cent. The Office for National Statistics' first estimate of growth for the three months to December, released last month, was 0.6 per cent but this was revised up on Wednesday to 0.7 per cent.
The ONS said this was due to better industrial production in the quarter. The ONS said this was due to better industrial production in the quarter than initially thought.
However, GDP growth for 2016 was revised down from 2.2 per cent to 2 per cent on the back of weaker exports in the first quarter of the year. However, GDP growth for 2016 was revised down from 2.2 per cent to 2 per cent on the back of weaker exports in the first quarter of the year.
The consensus of City of London economists had been for no revision. The consensus of City of London economists had been for no revision.
The estimate for business investment was also disappointing, showing a 1 per cent contraction over the final quarter of last year.
Household consumption growth, which powered the economy in the third quarter of the year, waned slightly in the final quarter with the growth rate falling from 0.9 per cent to 0.7 per cent.
This was offset by a strong performance from net trade growth.
Separate data from the ONS showed that services, the dominant UK output sector, grew at the slowest pace in seven months.
"This might be as good as it gets for now at least," said Paul Hollingsworth, UK economist at Capital Economics.
"Household spending is likely to slow further as inflation picks up and erodes growth in real incomes. And lingering uncertainty about the UK’s future relationship with the EU as negotiations get underway may hold back investment."
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