It's official -- the UK economy grew by 0.7% at the end of 2016

A spectator, wearing a suit with Union flag design, looks on during the final of the 2013 Ladbrokes.com World Darts Championship at the Alexandra Palace on January 1, 2013 in London, England. (Photo by )Ben Hoskins/Getty ImagesSomeone’s excited for GDP day…

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.

More from Business Insider UK:

NOW WATCH: The new £1 pound coin is now in circulation — here’s what it’s like

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.