LONDON — UK GDP officially grew by 0.7% in the fourth quarter of 2016, the Office for National Statistics (ONS) confirmed on Friday.
Economists had been expecting the reading to be unchanged from 0.7%, which it had been pegged at in February. The 0.7% figure was itself an upgrade on January’s estimate of 0.6% growth. And the 0.6% figure beat economists forecasts at the time of 0.5% growth. So numbers are moving in the right direction.
The 0.7% figure is a measure of GDP growth on the previous quarter. GDP grew 1.9% in the year between the final quarter of 2015 and the final quarter of 2016. That was a slight downward revision on what economists had been expecting, which was 2% growth.
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