April 26, 2017

Q4 GDP growth revised up to 0.7%: ONS

23 February 2017, 12:55 | Ignacio Smith

British economy grows 0.7% in final quarter of 2016

UK economy stronger in 4th quarter than thought

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.

Rockets fired from Sinai hit open area in southern Israel
It was clear that Liberman's allusion was a response to the recent rocket attack launched from Sinai towards Israeli territories. Israeli Defense Forces are searching the area", the Israeli Defense Forces Spokesperson Peter Lerner posted on his Twitter page.

"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

WR Cruz visits with Panthers
Cruz overcame knee and calf injuries that forced him to miss almost two seasons before returning to play the entire 2016 season. Cruz had only one more 1,000-yard season before he suffered a knee injury in the sixth game of the 2014 season in Philadelphia.

ISP: Authorities working around the clock to find person who murdered teens
Officials are asking anyone who may have taken pictures in the area or was just on the trail to contact authorities immediately. Bursten played the clip multiple times during a news conference on Wednesday.

Court orders South Africa to reverse ICC withdrawal
South Africa said it was quitting the ICC because membership conflicted with diplomatic immunity laws. In 2016, Burundi, South Africa and The Gambia, expressed their intentions to withdraw from the court.

Mark Cuban sports No. 46 at NBA All-Star celebrity game
Mark Cuban, the billionaire owner of the Dallas Mavericks, is trying to get under President Trump's skin again. Trump unleashed a series of tweets targeting Cuban last Sunday morning, writing, "I know Mark Cuban well".

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.

DHS issues memos meant to crack down on illegal immigration
Now, the expedited removal process can be used for those in any part of the country illegally for up to two years. Kelly called for 10,000 additional ICE officers and agents and 5,000 new hires at the U.S.

Julius Thomas to Dolphins reportedly back on
Jaguars fans should expect further draft investment along the line as no one should expect Albert to play an entire season. He gets a fresh start with a Miami offense in 2017 that loves to utilize their tight ends under a familiar face in Gase.

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.

How Does Advanced Micro Devices, Inc. (AMD) Stack Up Right Now?
Quantbot Technologies LP bought a new stake in shares of Advanced Micro Devices during the third quarter valued at about $123,000. In terms of Buy/Sell recommendations, analysts have a consensus rating of 2.50 on the shares of Advanced Micro Devices, Inc.