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UK economy expanded in Q4

Press Association logoPress Association 22/02/2017

Britain's economy picked up speed in the final three months of last year, boosted by a rise in manufacturing output.

The Office for National Statistics (ONS) said gross domestic product (GDP) expanded by 0.7 per cent in the fourth quarter, according to its second estimate of UK growth.

That is up 0.1 per cent from initial estimates of 0.6 per cent. Economists had been expecting no revision.

The increase was driven by a 1.2 per cent rise in manufacturing output, and supported by a 0.8 per cent increase in the service industry, marking its 16th consecutive quarter of growth.

However, GDP for all of 2016 has been revised down by 0.2 per cent to 1.8 per cent, marking a slight slowdown from 2.2 per cent in 2015.

It means the UK has lost its title as the fastest growing economy among the G7, which includes countries like Germany, the US, Canada and Japan.

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