Economic growth for 2017 revised down


The UK economy did not grow as fast as first thought, official figures show.


The UK economy, as measured by gross domestic product (GDP), grew by 0.4% in the final quarter of 2017, revised down from the preliminary estimate of 0.5% growth.


Services and production increased in the fourth quarter 2017, while construction fell for the third consecutive quarter.


Compared with the same quarter a year ago, GDP increased by 1.4% fourth quarter of 2017, which is the slowest rate since the second quarter of 2012.


Revisions to other quarterly growth rates in 2017 have led to a downward revision to annual growth in 2017, from 1.8% to 1.7% — the slowest rate of annual growth since 2012.


The continued strength of manufacturing, which grew by 1.3% in the quarter, was the main driver for production output increasing by 2.1% in 2017 — the strongest annual growth rate since 2010.


https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/monthlyeconomiccommentary/february2018