UK fourth-quarter growth reaches a one-year peak

news_22_feb_1_gbp_usdThe UK’s economy picked up speed to surge at the fastest rate in a year for the last three months of the previous year, thus beating a preliminary estimate and demonstrating how little immediate impact June’s Brexit vote had on surge.

However, business investment dipped and there were evident signs that a tougher year lies ahead. Additionally, household spending growth slowed during the fourth quarter and separate data demonstrated the dominant services sector expanded in December at the slowest pace for seven months.

The Office for National Statistics told that GDP soared by 0.7% during the fourth quarter compared with last three months, ascending from an initial estimate of 0.6%.

A Reuters survey of economists had suggested that the second reading would prove the initial estimates of 0.6% for growth on the quarter.

Business investment declined 1$ in the fourth quarter compared with the July-September period, which is the first dip since the first three months of the year, and turned to be 0.9% lower compared with the fourth quarter of 2015.

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