The growth rate of the UK economy has been revised downwards for the last three months of 2017, with the UK the worst performing economy in the G7.
UK GDP grew by 0.4% between October and December, 0.1% less than the initial estimate of 0.5%, according to the latest figures by the Office of National Statistics (ONS).
2017 saw the UK’s economy grow 1.7% overall, also slightly lower than original estimate of 1.8%, and the weakest growth since 2012, with concerns about a so-called “hard Brexit” a major contributing factor.
The worse than expected results were due to slow growth in the production industries and shoppers facing higher prices in store, the ONS said.
The figures show the construction industry in recession, stagnating businesses investment, foreign workers fleeing the UK, and families tightening their belts after being squeezed by rising inflation and weak wage growth.
As Brexit begins to bite, the UK is already the ‘sick-man of Europe’, with growth below the Eurozone average and significantly worse than the other wealthy countries in the G7.