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| Version 0 | Version 1 |
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| UK economic growth revised downwards | UK economic growth revised downwards |
| (35 minutes later) | |
| The UK economy expanded by less than previously thought in the last three months of 2017, official figures say. | The UK economy expanded by less than previously thought in the last three months of 2017, official figures say. |
| GDP grew by 0.4% in the October-to-December period, the Office for National Statistics (ONS) said, down from the initial estimate of 0.5%. | |
| The revision was due to slower growth in production industries, the ONS said. | |
| In 2017 as a whole, the economy grew by 1.7%, also slightly lower than previously thought and the weakest since 2012. | In 2017 as a whole, the economy grew by 1.7%, also slightly lower than previously thought and the weakest since 2012. |
| The ONS had previously estimated that the economy grew by 1.8% last year. | The ONS had previously estimated that the economy grew by 1.8% last year. |
| The statistics body said that household spending grew by 1.8% last year, also the slowest annual rate since 2012. It said the slowdown was partly because of shoppers facing higher prices in stores. | |
| "A number of very small revisions to mining, energy generation and service were enough to see a slight downward revision to quarterly growth overall," said ONS statistician Darren Morgan. | |
| Last month, the Bank of England raised its growth forecast for the UK economy to 1.8% this year, from its previous forecast of 1.6% made in November. | |
| At the time, the Bank indicated that the pace of interest rate increases in the UK could accelerate if the economy remained on its current track. |