BREXIT Did Not Hamper UK Growth During 2016, Strong Consumer Spending Pushed Growth at 2% Overall

Many had feared that BREXIT would have had serious negative implications on the UK's economy. However, the data proved differently

BREXIT Did Not Hamper UK Growth During 2016, Strong Consumer Spending Pushed Growth at 2% Overall

0.6% recorded growth rate during the October-to-December period in the UK

Good news coming in from the Office for National Statistics (ONS) in the UK showing strong consumer spending helping the UK's economy to grow faster than expected at the end of 2016, with 0.6% recorded growth rate during the October-to-December period.

Many had feared that BREXIT would have had serious negative implications on the UK's economy. However, the data proved differently in that the 0.6% growth for Q4, was the same growth rate as in the previous two quarters.

In actuality the numbers reveal that the UK's economy grew by 2% overall during 2016; a slight reduction from the 2.2% growth recorded during 2015.

Areas that contributed to growth included a very strong service sector. This grew by 0.8% in the quarter.

In addition, distribution, hotels, the restaurant industry, retail sales and travel agencies also pushed growth.

Other areas that the Office of National Statistics showed contributed to growth were the construction industry which grew by 0.1%. The agriculture sector grew by 0.4%.