British Economy Shows Signs Of Growth After Brexit
The British economy ended 2016 on a high note, clocking unexpected gains in the wake of Brexit.
Gross domestic product (GDP) rose by 0.7 percent in the final quarter of 2016, revised from the originally anticipated 0.6 percent growth rate predicted by economists. The faster-than-anticipated growth is largely due to an increase in manufacturing and an uptick in net trade. Overall, growth in 2016 was 1.8 percent higher than 2015, the Office for National Statistics reports.
Not all figures were as rosy for Great Britain. While household spending increased by 0.7 percent in the final quarter, it slowed from the previous quarter, marking the slowest growth rate in household spending in a year. Business investment also fell in the fourth quarter.
The Bank of England predicts that consumers will get squeezed by a weaker Pound, which fell 16 percent since the June 23, 2016, Brexit vote. The central bank suggests that consumers spending could take a hit as inflation continues to rise.
Read more: Daily Caller