UK economic growth slowest since 2012

According to the Office for National Statistics (ONS), UK recorded economic growth of 1.8 per cent in 2017. This is the slowest since 2012 when the country witnessed a growth rate of 1.4 per cent.

The uncertainty over Brexit deal and gloomy global growth has had its effect on the Britain's economy. According to the Office for National Statistics (ONS), UK recorded economic growth of 1.8 per cent in 2017. This is the slowest since 2012 when the country witnessed a growth rate of 1.4 per cent. 
 
The statistics department cited falls in factory output and car production for the slowdown, among other factors. It also predicted a slower growth in 2019 due to Brexit uncertainty and a weaker global economy.
 
According to the ONS, as reported by BBC, quarterly growth also slowed, falling to 0.2 per cent in October-December period, as compared to 0.6 per cent in the corresponding previous quarter.
 
However, Chancellor Philip Hammond observed that the economy was "fundamentally strong".
 
"GDP slowed in the last three months of the year with the manufacturing of cars and steel products seeing steep falls and construction also declining. However, services continued to grow with the health sector, management consultants and IT all doing well," Rob Kent-Smith, Head of GDP at the ONS was quoted as saying: 
 
According to the ONS estimates, gross domestic product fell in December by 0.4%.
 
Source: BBC

Add new comment