UK GDP growth stays unchanged for Q4 2016Staff Writer | March 31, 2017
UK gross domestic product for the last quarter of 2016 was confirmed at 0.7%, disappointing some economists after recent upgrades to production and manufacturing data.
Britain The national accounts
The national accounts showed GDP growth was driven in the fourth quarter by unsustainable growth in consumers' spending, said economist Sam Tombs at Pantheon Macroeconomics.
Households financed the 0.7% quarter-on-quarter increase in spending by slashing the proportion of incomes that they save to just 3.3%, which he pointed out was a record low, from 5.3% in the first quarter. ■