The U.K. economy expanded 0.6 percent in three months to December, according to a monthly report released by the National Institute of Economic and Social Research.
It was followed by a 0.6 percent growth in three months to November. The quarterly growth implies that the economy expanded 2.2 percent in 2015.
Although this was a moderation compared to the 2.9 percent growth in 2014, it remains consistent with the economy growing at close to its long-run potential rate, the think tank noted.
Jack Meaning, NIESR Research Fellow, said the overall slowdown was largely caused by a sharp moderation in construction sector growth and public spending. The year looks to have ended with reasonable growth, close to the economy’s long-run potential.
“There is little spare capacity in the economy, and we expect the output gap to continue to close in 2016,” Meaning added.
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