The UK economy grew much faster than expected in the final quarter (Q4) of 2017, new data has revealed.<\/p>\n
According to figures from the National Institute for Economic and Social Research (NIESR), UK Gross Domestic Product (GDP) grew by 0.6 per cent in Q4 \u2013 a 0.1 per cent improvement over forecasts set out earlier in the year.<\/p>\n
Quarter-on-quarter, growth was up by 0.2 per cent.<\/p>\n
Based on this data, the NIESR has estimated that the UK economy expanded by approximately 1.8 per cent over the course of the year.<\/p>\n
The report suggests that growth was predominantly driven by manufacturing.<\/p>\n
In the fourth quarter of 2017, manufacturing expanded by 0.4 per cent, while \u2018industrial production\u2019, which comprises manufacturing, energy and mining output, grew by 1.2 per cent.<\/p>\n
Meanwhile, manufacturing growth\u2019s Q4 average showed that output was an impressive 3.9 per cent higher than figures recorded during the same period the previous year.<\/p>\n
Ole Black, of the Office for National Statistics, said that growth had been \u201cstrong and widespread\u201d across the manufacturing and renewable energy sectors throughout Q4.<\/p>\n
Commenting on the data as a whole, Amit Kata, Head of UK Macroeconomic Forecasting at the NIESR, said: \u201cThe UK\u2019s recovery, combined with above-target CPI inflation, is consistent with a gradual withdrawal of monetary policy stimulus.\u201d<\/p>\n
He added that, following the publication of the report, it is highly likely that the Bank of England will increase interest rates in May.<\/p>\n","protected":false},"excerpt":{"rendered":"
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