UK GDP Growth Rises In Q4

26 January, 2018, 12:25 | Author: Regina Silva
  • Oil production levels were hit by the shutdown of a major pipeline in December

Head of GDP Darren Morgan said: "Despite a slight uptick in the latest quarter, the underlying picture is of slower and uneven growth across the economy".

"The dominant services sector, driven by business services and finance, increased by 0.6% compared with the previous quarter", the ONS said.

That was the fastest pace of quarterly growth in 2017.

Britain has fallen in the global league table of growth but the figures are vastly better than the Project Fear forecasts of an immediate recession ahead of the vote.

"Other services - notably consumer facing sectors - showed much slower growth", he said, referring to industries such as distribution, hotels, catering, transport and communications.

However, the UK's better-than-expected expansion comes at a time when growth rates in the rest of the G7 are being revised up even more strongly due to the booming global economy.

Growth still looks lacklustre - and somewhat unevenly distributed - with the year-on-year figure of 1.5% the weakest since the first quarter of 2013.

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"Whether this year's growth comes from Britain's seemingly rediscovered mojo, or simply from the United Kingdom riding in the slipstream of a booming global economy, is moot".

And the Bank of England Governor, Mark Carney, speaking at the World Economic Forum in Davos, said that United Kingdom economy is now 1 per cent smaller than the Bank forecast before the 2016 Brexit vote.

"Undoubtedly the United Kingdom is being given a lift by the strength of global (notably euro zone) demand and comes after BoE Governor Carney implied that the UK's slowdown may be more temporary than previously supposed", Peter Dixon, senior economist at German lender Commerzbank said in an email.

At 4.30 am ET Friday, the Office for National Statistics is scheduled to release UK GDP data.

The UK economy is still struggling to bounce back to levels seen in the final quarter of 2016 when GDP rose by 0.6 per cent.

The Bank of England said last month it expected the economy might have slowed slightly in late 2017.

Analysts responding to the news largely agree that the beat will bring forward that hike, with David Owen, chief European financial economist saying it will come "most likely in May, followed by November". The rate was forecast to remain at 0.4%.

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