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March 31, 2017UK GDP Q4 (THIRD ESTIMATE) 
The UK Office of National Statistics reported real GDP for the fourth quarter of 2016 grew by 0.7 per cent, unrevised from the second estimate but up 0.1 percentage points from the preliminary estimates. This corresponded to a seasonally adjusted annualized rate of 2.7 per cent growth. The service sector continues to dominate GDP growth, contributing 0.6 percentage points with distribution, hotels and catering being the largest contributor. For production industries: manufacturing was up 1.2 per cent, electricity, gas, steam and air conditioning industries was up 4.0 per cent, water supply and sewerage increased 0.9 per cent but mining and quarrying decreased 6.9 per cent.
The growth rate for 2016 was revised down 0.2 percentage points to 1.8 per cent compared to the preliminary estimate but unchanged from the second estimate. The expenditure approach show that household final consumption expenditures being the main contributor to GDP growth in 2016. Household spending was up 0.7 per cent in Q4 2016, a fastest pace since Q1 2013 when the economy started a period of steady growth. Gross fixed capital formation grew 0.5 per cent in 2016. Exports of goods fell (-0.9%) while imports of good grew (+3.4%) causing a widening of the trade deficit.
Office for National Statistics
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