UK Q4 economic growth GDP revised higher with 0.6% increaseStaff writer ▼ | April 1, 2016
UK economic growth in the fourth quarter was unexpectedly revised higher by the Office for National Statistics.
Britain The final estimate of gross domestic product
Compared to the same period a year earlier, GDP is estimated to have risen 2.1% in the fourth quarter, up from the prior projection of 1.9% and in line with the third quarter's growth.
Consumer demand continued to drive the growth, with household spending rising 0.6% in the fourth quarter, unchanged from the previous three months.
However, real household disposable income fell 0.6% as in weak wage growth failed to keep up with prices.
UK consumer confidence remains stuck in the doldrums, with concerns about the economic situation dampening a more upbeat mood among individuals.
GfK's consumer confidence index remained at zero in March for the second month, down from January's +4 and from the +4 seen in March last year.
The index measuring expectations of the general economic situation for the next 12 months was unchanged at -12, after jumping up from -5 in January and 18 points lower than this time last year.
Looking forward to the coming 12 months, consumers on average displayed an improved personal outlook, with the personal financial situation forecast increasing to +9 from +8 in February after dropping a point from January.
The index measuring consumers' personal financial situation during the last 12 months shrank to +4 from +5 in February, but is much improved from the -2 in March 2015. ■