The UK economy grew by more than previously reported in the final three months of 2016, according to the latest official estimate.
Gross Domestic Product (GDP) increased by 0.7%, up from 0.6%, according to the Office for National Statistics (ONS).
The upward revision is mainly due to manufacturing industry having done better than thought.
The ONS cut its estimate for growth in 2016 as a whole to 1.8%, down from the 2% it forecast last month.
This downward revision pushes UK slightly below Germany, with an estimate of 1.9%, in the G7 growth league, said John Hawksworth, chief economist at PwC, "though the difference is well within the margin of error on any such early GDP estimates."
The downward revision appeared to have been prompted by weaker North Sea oil and gas production during the first six months of 2016, and did not reflect the underlying strength of the UK economy, he added.
"Excluding oil and gas output, estimated UK GDP growth might actually have been revised up in 2016," added Mr Hawksworth.
Questions
1. How may fiscal expansionary policy cause growth?
2. How can monetary policy be used to cause growth?
3. Using AS/AD illustrate your answers to (1) and (2)
4. Who are the losers when the economy grows?
