The UK recorded growth of 0.6 per cent in the fourth quarter of 2016, according to the OECD, capping a year in which the economy grew by 2.2%, the fastest growth rate of the G7 group of developed economies.
Year-on-year GDP growth (real growth of gross domestic product) for the OECD nations was stable at 1.7 per cent for the fourth straight quarter in 2016, although this was down from the 2.4 per cent growth recorded in 2015.
Growth picked up in Germany and France in the fourth quarter of 2016, to 0.4 per cent, compared with 0.1 per cent and 0.2 per cent respectively in the previous quarter. Growth slowed sharply in the United States (to 0.5 per cent, down from 0.9 per cent) and also, albeit slightly, in Japan and Italy (to 0.2 per cent, compared with 0.3 per cent in the previous quarter).
With the expectation of more subdued and cautious consumer spending as the UK looks to exit the European Union, businesses must ensure they have the right structures in place to respond quickly to the changing market conditions.
Our business experts at Beavis Morgan are able to guide you on your strategy and assist in making those all-important business decisions that will have the greatest impact on future success.
For more information about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.