UK economy posts stable growth in Q4
The growth in GDP in Q4, albeit at a slower pace, was attributed to the increase in services, retail sales and travel agency services.
Data from ONS indicated that construction and manufacturing sectors made modest contributions to the GDP growth by 0.1% and 0.7% respectively. Meanwhile, the mining sector posted the biggest drop of 5 years by 6.9%.
In 2016, GDP was up by 2%, according to the data. This was a slower growth than the 2.2% posted in 2015. The Office for Budget Responsibility had previously estimated the UK economy to grow by 2.1% for the full year of 2016, revising its initial estimate of 2.2%.
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