Issue 14
Growth in economy revised upwards
The UK economy performed slightly better than previously thought last year.
The economy, as measured by gross domestic product (GDP), was estimated to have grown by 1.8% between 2016 and 2017, an upward revision of 0.1 percentage points from the second estimate. However, growth was lower than the 1.9% growth in 2016 and the 2.3% growth in the year before that.
Manufacturing had a good 2017 with output up by 2.5% against a 0.9% increase the year before.
Output of the production industries (manufacturing, mining and utilities) increased by 1.9% last year against 1.3% growth the year before.
Services, which account for 80% on the economy, grew by 1.8% in 2017 against 1.7% in 2016.