- Britain’s Gross Domestic Product (GDP) grew 0.4% in the final quarter of 2017, unchanged from the previous reading.
- GDP grew by 1.4% on a year-to-year basis in the quarter, once again unchanged from February’s reading.
- As a result the UK remained the slowest growing major economy on the planet.
LONDON — The UK’s economy remained the slowest growing major economy on the planet in the fourth quarter of 2017, data from the Office for National Statistics (ONS) released on Thursday shows.
Britain’s Gross Domestic Product (GDP) grew 0.4% in the quarter, according to the ONS’s third estimate of growth. That was unchanged from the statistical agency’s second reading in February.
GDP grew by 1.4% on a year-to-year basis in the quarter, once again unchanged from February.
Services, the dominant sector of the UK economy, accounted for the majority of growth over the data period. Services account for roughly 80% of UK output.
“Economic growth at the end of last year was unrevised with services and manufacturing continuing to drive growth,” the ONS’ Head of National Accounts, Rob Kent-Smith said in a statement.
The data means that the UK remains at the bottom of the G7 growth tables, making it the slowest growing major economy in the world in 2017. The growth of 1.4% is lower than that of Japan and Italy, the other weakest nations in growth terms last year.
GDP for the final quarter of 2017 initially came in at 0.5%, but was revised down in February after more complete data for the end of 2017 became available.
UK GDP has now grown in 20 consecutive quarters. The last time UK GDP shrunk over a quarter was in Q4 of 2012 when the economy readjusted following a huge boost from the 2012 Olympic Games in London.
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