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Britain’s Gross Domestic Product grew 0.4 per cent in the quarter unchanged from the second reading in February, the Office for National Statistics said today. The US, in contrast, revealed fourth-quarter economic growth of 2.9 per cent yesterday.
ONS also confirmed economic growth slowed slightly at the end of 2017 though the dominant services sector picked up a bit at the start of this year.
UK household spending grew by 1.7 per cent between 2016 and 2017, but this will be of little comfort to struggling retailers as it was the slowest rate of annual growth since 2011.
“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.