The Office for National Statistics revised down its estimate for UK growth in the fourth quarter to 0.4%, following an earlier estimate of 0.5% and missing economists’ forecasts that the rate would be unchanged. The Office for National Statistics produces quarterly official GDP figures about three and a half weeks after the end of each three-month period. The ONS publishes three estimates of quarterly GDP figures. The ONS also calculates the size of the UK economy relative to the number of people living here. Household spending grew by just 0.3% in the fourth quarter and by 1.8% in 2017 overall, the slowest rate of annual growth since 2012.

Source: The Guardian February 22, 2018 11:46 UTC