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UK eco lags behind G7 after 2017 growth rate cut; Q4 GDP revised to 0.4%

Sterling was little changed after Thursday's data and government bond prices rose slightly

Reuters  |  London 

Britain's economy was weaker than previously thought in 2017, official data showed on Thursday, leaving the country lagging further behind the global recovery as it prepares to leave the European Union. The downgrade of the full-year and fourth-quarter growth rates also raised questions about the strength of the economy as the Bank of England prepares to raise interest rates. Gross domestic product growth slowed to a quarterly 0.4 per cent from a previous estimate of 0.5 per cent, wrong-footing economists and reducing 2017 growth as a whole to 1.7 per cent, its lowest since ...

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First Published: Thu, February 22 2018. 21:01 IST