Retail & Wholesale

GDP Service sector boosts growth in final quarter

Stats on tablet

Figures from the Office for National Statistics have revealed that UK growth picked up in the final quarter of 2015, with the economy expanding by 0.5% compared to growth of 0.4% the previous quarter, although Chancellor George Osborne warned of 'bumpy times ahead'. Compared with the same quarter the previous year, the economy expanded by 1.9%, the weakest growth since the first quarter of 2013. GDP growth for 2015 as a whole was 2.2%. Osborne said the figures showed the economy continued to grow steadily but he remained cautious about the outlook. Consumer confidence is holding up in spite of weaker growth, with households this month more optimistic about the outlook than at any time since last August.

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