Savills reacts to ONS statistical releases on UK economy and GDP growth

22 February 2017

- The ONS estimates that UK gross domestic product in volume terms increased by 0.7% between Quarter 3 (July to Sept) 2016 and Quarter 4 (Oct to Dec) 2016, revised up 0.1 percentage points from the preliminary estimate of GDP published on 26 January 2017. 

- The UK UK index of services: Dec 2016 reports that distribution, hotels and restaurants decreased by 0.3% month on month. Retail sales contributed negative 0.14 percentage points in contrast with the annual performance. Business services and finance was flat although contributed negative 0.01 percentage points.

Mike Barnes, commercial real estate analyst at Savills, comments:

“The distribution, hotels and restaurants sectors may have seen output fall by 0.3% in December, but overall, they have all still reported significantly higher output than the level recorded prior to the EU referendum.

"The hotels and restaurant sectors in particular continue to benefit from a perfect combination of an influx of international visitors taking advantage of the weak sterling to visit and experience the UK’s hotels and restaurants and robust domestic consumer confidence. As revealed by the ONS’s Family Expenditure Survey just last week, UK households have been spending more than £45 a week on restaurants and hotels for the first time in 5 years.”


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