Economic Growth

2nd March 2017

Economic Growth

Gross Domestic Product (GDP) increased by 0.7%, up from 0.6%, according to the Office for National Statistics (ONS). The revision is mainly due to manufacturing industry having done better than expected.

The ONS cut its estimate for growth in 2017 as a whole to 1.8%, down from the 2% it had forecast last month. The ONS also said there had been a slowdown in business investment, which fell by 1% compared with the three months to the end of September.

However, the UK economy grew by more than previously estimated in the last few months of 2016, according to the latest official reports.

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