Xinhua, London :
British economy grew at a faster pace over the three months to the end of January than in the previous three month period, according to figures Friday released by a major think-tank based in London.
The National Institute for Economic and Social Research (NIESR) said that the British economy grew by 0.7 percent over the quarter to the end of January, an increase of 0.1 percentage point over the three months to December and stronger still than the 0.5 percent increase over the three months to the end of November.
According to NIESR, the economy grew 0.6 percent in the fourth quarter of 2016, giving an annual growth rate of 2 percent.
The resilience of the UK economy since the Brexit referendum in June has largely been supported by robust expansion in real consumer spending, NIESR said.
“Compared to previous forecasts, this represents something of a pick-up in growth. The story that we had in previous months of robust consumer spending remains,” report author Oriol Carreras told Xinhua.
British economy grew at a faster pace over the three months to the end of January than in the previous three month period, according to figures Friday released by a major think-tank based in London.
The National Institute for Economic and Social Research (NIESR) said that the British economy grew by 0.7 percent over the quarter to the end of January, an increase of 0.1 percentage point over the three months to December and stronger still than the 0.5 percent increase over the three months to the end of November.
According to NIESR, the economy grew 0.6 percent in the fourth quarter of 2016, giving an annual growth rate of 2 percent.
The resilience of the UK economy since the Brexit referendum in June has largely been supported by robust expansion in real consumer spending, NIESR said.
“Compared to previous forecasts, this represents something of a pick-up in growth. The story that we had in previous months of robust consumer spending remains,” report author Oriol Carreras told Xinhua.
