UK growth smashes developed nations average to sit atop G7 says the OECD
UK growth smashed the average for advanced economies around the globe at the end of 2016, with expansion slowing across more developed countries.
The GDP growth rate amongst the richer countries was 0.4 per cent in the fourth quarter of 2016, according to the Organisation for Economic Co-operation and Development (OECD).
OECD nations grew by 1.7 per cent over the course of 2016, falling significantly from the 2.4 per cent growth recorded in 2015.
Read more: UK economy is gaining momentum despite Brexit fears, says the OECD
The UK recorded growth of 0.6 per cent in the last quarter, capping a year in which the economy grew by 2.2 per cent, the fastest growth rate of the G7 group of developed economies.
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Germany and France, both members of the G7 as well as the OECD, both saw growth accelerate to 0.4 per cent in the fourth quarter, according to the OECD.
However, the world’s largest economy weighed on OECD GDP growth, with expansion in the US economy slowing to 0.5 per cent in the quarter, dipping from 0.9 per cent in the previous three months.
The OECD previously downgraded the UK's growth prospects, saying it expected the economy to expand by only 1.2 per cent this year. However, that forecast was based on an expectation of lower growth in 2016, which has since been proved inaccurate.
Read more: Another Brexit downgrade for UK GDP growth from OECD
The OECD expects uncertainty around trade arrangements to weigh on the UK's growth prospects, as the country begins the process of leaving the EU.
Many economists predicted a fall in growth for the UK, but so far there has been little affect on growth, forcing forecasters including the Bank of England to revise their outlooks upwards after consumer spending continued to hold up strongly.
The OECD's own measure of economic momentum indicates the UK economy may be gaining pace, despite the overhanging Brexit negotiations.