Friday, January 27, 2017

More good economic news

The Office for National Statistics (ONS) has confirmed that the UK economy grew by 0.6% in the final quarter of 2016, for the third quarter in a row, making Britain's growth the fastest in the G7.

The economy grew by 0.6% in the October-to-December period, the same rate as in the previous two quarters, according to an initial estimate from the Office for National Statistics.

The figure indicates that the feared economic slowdown following the Brexit vote has not materialised. For 2016 as whole, the economy grew by 2%, down from 2.2% in 2015.

"Strong consumer spending supported the expansion of the dominant services sector," said ONS statistician Darren Morgan.
"Although manufacturing bounced back from a weaker third quarter - both it and construction remained broadly unchanged over the year as a whole."

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