July 20, 2017

Q4 GDP growth revised up to 0.7%: ONS

23 February 2017, 12:55 | Ignacio Smith

In the final three months of 2016, investment dropped by £400m which is a fall of almost 1 per cent compared to the same quarter in 2015.

The UK economy grew slightly faster than expected in the final three months of the year, although it fared worse than initially forecast over the last 12 months as a whole, according to official figures released on Wednesday (22 February).

But the figures also revealed slowing consumer spending - which accounts for about two-thirds of the economy - as well as a 1% fall in business investment spending by cautious firms.

Senate confirms Pruitt to lead Environmental Protection Agency
Susan Collins was the lone Republican to vote against his confirmation, while North Dakota Sen. Senate confirmed Scott Pruitt as the administrator of the Environmental Protection Agency.

"With Brexit negotiations afoot and ongoing geopolitical concerns among the G7, the knock-on effect on business confidence may slow the pace of growth this year, both at home and overseas".

Michael Baxter, economics commentator for the Share Centre, said the United Kingdom growth figures had "confounded the doubters", but said we should expect economic growth to take on a very different shape this year. In contrast, there was weaker than expected data on capital spending with preliminary investment spending recording a 1.0% decline for the quarter following a revised 0.4% increase for the previous quarter with weakness in the ICT and machinery sectors. Surveys show business optimism about the year ahead running at its highest in one and a half years, suggesting companies are clearly expecting the good times to continue.

Pantheon Macroeconomics said the upward revision to GDP growth was not a surprise. "On the upside, there was some positive news from trade, with lower imports and stronger export growth leading net trade to make a positive contribution in the quarter". "We also need to acknowledge that a big driver of United Kingdom growth in Q4 last year came from consumption, but with prices on the rise consumers may start to rein in spending, something we've already seen in the drop in retail sales at the beginning of this year". "Meanwhile, business investment fell by 0.1%, and total investment was flat".

Other News

Trending Now

Spain's Princess Cristina cleared of corruption charges
The following year he stripped Cristina of her title of Duchess of Palma. The couple, reported to be in Geneva, was not present for the verdict.

Cancel 'disgusting' Trump's visit: UK MPs
There has been no indication that this is something Trump wants to do, and it may not be an option anyway. The post UK MPs to Debate Donald Trump's State Visit Amid Nationwide Protests appeared first on SIGNAL.

Sidney Crosby gets 1000th point, then leads Penguins by Jets in OT
His emotional parents, Troy and Trina, proudly cheered on their son - and it tugged on everyone's heart strings. When he was diagnosed with another concussion last October, he pleaded patience rather than anxiousness.

South African court rules against ICC withdrawal
Al-Bashir was allowed to leave South Africa even though a local court ordered authorities to arrest him. South Africa said it was quitting the ICC because membership conflicted with diplomatic immunity laws.

Jamie Chung Joins The Untitled New Fox X-Men Show As Blink
Deadline and other outlets have confirmed Chung's casting in the role, which lists her character's name as Clarice Fong. The family joins an underground network of mutants and must fight for survival.

Why Presidents Day isn't really a national holiday
But dozens of states celebrate the presidential legacy, or the hope of getting a really great deal on a auto , on the same day. Mount Vernon, George Washington's northern Virginia estate, is also offering free admission for the President's Day holiday.

North Korea launches ballistic missile
The decision is part of an effort to begin sanctions aimed at stopping North Korea's nuclear weapons program. The talks are hosted by China, and include South Korea, the United States , Russia, and Japan.

Here's Why People Won't See Wolverine's Classic Yellow Costume In Logan
As visual effects now make even the wildest of dreams a reality, the size and scale of superhero movies is exponentially growing. And why? The only reason you do it is so you can have some sort of trademarked claim and get credit for what you did.

Marine Le Pen's visit to Lebanon draws polarized reactions
The Opinionway survey had her easily beating her four main rivals to win the April 23 first round with 27 percent of the vote. She also took a stance on the Syrian civil war diametrically opposed to that of Lebanese Prime Minister Saad al-Hariri.

Khamenei calls to destroy Israel in 'phases'
The venue was decorated with a large map of Israel and the Palestinian territories covered in the colors of the Palestinian flag. The creation of Israel is "one of the dirty chapters of history that will be closed, with the grace of God", he added.