British Chancellor of the Exchequer Philip Hammond speaks during a panel session during the 48th Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Thursday, Jan. 25, 2018.
British Chancellor of the Exchequer Philip Hammond speaks during a panel session during the 48th Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Thursday, Jan. 25, 2018. Keystone via AP Laurent Gillieron
British Chancellor of the Exchequer Philip Hammond speaks during a panel session during the 48th Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Thursday, Jan. 25, 2018. Keystone via AP Laurent Gillieron

National Business

British economy picked up at end of 2017

The Associated Press

January 26, 2018 05:01 AM

LONDON

The British economy picked up some speed at the end of 2017, which was otherwise a year that saw it slow amid uncertainties over Brexit.

The Office for National Statistics said the economy grew by 0.5 percent in the fourth quarter compared with the previous three-month period. That is slightly above the 0.4 percent expected on average by economists and a pickup from 0.4 percent in the third quarter.

The services sector grew, though the statistics office noted it continued to show a longer-term weakening. Manufacturing also improved, though construction weakened.

Britain is preparing to negotiate a new relationship with the European Union and there are questions over what access it will retain to the bloc, its biggest trade partner. Amid the uncertainty, consumer spending and some investment have weakened.