British economy grows 0.7 per cent in final quarter of 2016

British economy grows 0.7 per cent in final quarter of 2016

International News

UK GDP grew by a bumper 0.7 per cent in the final three months of 2016 – up from a previous estimate of 0.6 per cent – according to the Office for National Statistics (ONS). It comes on top 0.6 per cent growth between July and September, meaning the economy jumped by 1.3 per cent in the six months after the vote to leave the European Union (EU). The stellar performance is yet more evidence that Britain did not succumb to doom-monger predictions made by Remain campaigners ahead of the referendum in June. The upward revision to the final quarter of the year was thanks to a better performance within manufacturing industries than initially thought. Exports in the three months jumped by a massive 4.1 per cent quarter-on-quarter, amid a weaker pound. Overall, the economy expanded by 1.8 per cent in 2016 – down from a previous estimate of 2 per cent, as a result of a downgraded performance in the first quarter of the year. Britain’s strong economic performance in the months after the referendum has prompted the likes of the Bank of England to revise up its forecast for growth in 2017.