U.K. Economy Defies Projections for a Slowdown
Britain's economy expanded at a faster-than-expected pace in the fourth quarter of 2016.
The U.K. economy has defied projections for a Brexit-induced slowdown, expanding at a faster-than-expected pace in the fourth quarter of 2016. Solid consumer spending, supported by growth, helped GDP to grow by 0.4% in the three months of last year. The figures released by the Office for National Statistics revealed that year-on-year expansion was measured at 2.2%, stronger than the 2.1% forecast.
In an official release, the agency said, "Strong consumer spending supported the expansion of the dominant services sector and although manufacturing bounced back from a weaker third quarter, both it and construction remained broadly unchanged over the year as a whole."
