British economy grows by 3.1% in 2007
UK recorded economic growth of 3.1% in 2006, picking up after a rate of 2.9 pc in 2006, according to official data.
By Agencies |
LONDON: Britain recorded economic growth of 3.1 per cent last year, picking up after a rate of 2.9 per cent in 2006, according to official data published on Wednesday.
However, the country's economy experienced a slowdown in the fourth quarter of 2007 when it expanded by 0.6 per cent, the Office for National Statistics said in an initial estimate.
That was the weakest rate since the third quarter of 2006 and compared with 0.7 per cent in the previous three month period.
The ONS added that gross domestic product (GDP) grew by 2.9 per cent during the three months to the end of December, from the same quarter of the previous year.
Market expectations had been for a quarterly reading of 0.5 per cent and an annual figure of 2.8 per cent.
"The GDP data show that UK growth slowed further in the fourth quarter of 2007, but by less than expected," said Howard Archer, chief Britain economist at Global Insight.
"We expect growth to continue to slow over the coming months in the face of major headwinds.
"In particular, consumer spending seems certain to be increasingly pressurized by muted real disposable income growth, tighter lending practices, increased debt levels (and) a markedly softer housing market."
However, the country's economy experienced a slowdown in the fourth quarter of 2007 when it expanded by 0.6 per cent, the Office for National Statistics said in an initial estimate.
That was the weakest rate since the third quarter of 2006 and compared with 0.7 per cent in the previous three month period.
The ONS added that gross domestic product (GDP) grew by 2.9 per cent during the three months to the end of December, from the same quarter of the previous year.
Market expectations had been for a quarterly reading of 0.5 per cent and an annual figure of 2.8 per cent.
"The GDP data show that UK growth slowed further in the fourth quarter of 2007, but by less than expected," said Howard Archer, chief Britain economist at Global Insight.
ADVERTISEMENT
"We expect growth to continue to slow over the coming months in the face of major headwinds.
"In particular, consumer spending seems certain to be increasingly pressurized by muted real disposable income growth, tighter lending practices, increased debt levels (and) a markedly softer housing market."
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
