GDP growth in the final quarter of 2016 revised up in the second estimate by the ONS, on the back of stronger than previously estimated activity in the manufacturing sector.
Business investment ended 2016 on a low note. It contracted by 1.5% over the year as a whole.
Growth in real earnings showed an unexpected weakness in December, as inflation accelerated and nominal wage growth stalled. Our Pay Bulletin showed that this trend might continue into 2017.
World trade continued on its weakening trend in 2016, but has gained some momentum in the final quarter of last year. The sustained expansion in PMIs at the start of this year suggest that growth in world trade might - finally - turn a corner in 2017.
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