New data from the National Institute of Economic and Social Research (NIESR) recently revealed that Britain’s economy grew by more than expected in the final quarter (Q4) of 2017, bolstered largely by bumper manufacturing activity and booming export demand.
According to the figures, the size of the economy grew by 0.6 per cent in the three months to December.
The data comes shortly after the UK was named ‘best country in the world’ to do business by Forbes magazine in its latest set of annual rankings.
Research from elsewhere suggests that an export boom largely bolstered economic growth throughout the course of 2017.
According to the Office for National Statistics (ONS), there was “strong and widespread growth” across Britain’s manufacturing sector, with manufacturers enjoying their best run in almost 20 years in November.
Export demand remained particularly strong, thanks to the weak value of sterling, while November marked the seventh consecutive month of increased factory output.
Meanwhile, NIESR’s research also found strong growth in the manufacturing sector, suggesting that output expanded by 0.4 per cent in Q4.
Amit Kata, Head of Macroeconomic Forecasting at the NIESR, said: “The UK’s recovery, combined with above-target CPI inflation, is consistent with a gradual withdrawal of monetary policy stimulus.”
Other commentators suggested that strong economic growth was likely to continue going into 2018.