Slump in British Annual Growth Confirmed

Britain's economy slowed sharply last year but showed signs of …

Britain’s economy slowed sharply last year but showed signs of modest recovery in the final quarter of 2015, official data confirmed Thursday.

Gross domestic product — the total value of all goods and services produced by a country’s economy — expanded by 2.2 percent last year, down from 2.9 percent in 2014, said the Office for National Statistics, confirming its initial estimate published last month.

GDP meanwhile grew by 0.5 percent in the October-December period compared with the third quarter when in came in at 0.4 percent growth. Again the data matched the statistic office’s initial reading.

“The fact that quarterly UK GDP growth… was left unrevised at 0.5 percent was expected, but nonetheless comes as a bit of a relief given the jitters about the global recovery at the moment,” said Vicky Redwood, chief UK economist at Capital Economics research group.