UK economy defies Brexit predictions, again
The UK economy has defied Brexit predictions by growing 0.6% in the fourth quarter, making Britain the strongest growing economy of the G7. The figure released by the Office for National Statistics (ONS) is higher than the 0.5% predictions made by economists. Also, the unemployment rate has fallen to 4.8%.
This is in deep contrast to the fear mongering by the left which had Britain scrambling to recover from the Brexit vote. Yet reality has rendered the left wrong, as usual, with the UK being the fastest growing economy in the G7, with growth reaching 2% for the entirety of last year.
Darren Morgan, head GDP statistician for the ONS, attributed strong consumer spending as the factor leading to an expansion of the services sector that contributed to GDP growth.
Distribution, hotels and restaurant industries were the main contributors to the services sector. While manufacturing also improved this quarter, it remained largely stable through the year as a whole.
The latest results indicate strong consumer confidence in the country despite Britain’s decision to leave the EU. It’s one of many results associated with last year’s major events that have defied economists and politicians alike, including Trump’s election as President.