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Economy grows 0.7% in final quarter of 2016

Britain's economy has grown more strongly than expected since the country voted last June to exit the European Union.

Britain's economy grew by a better-than-expected 0.7 percent in the final three months of last year, official revised data showed

For 2016 as a whole, however, the British economy grew by a lower-than-forecast 1.8 percent, the Office for National Statistics said in a statement.

Initial readings given last month by the ONS had put fourth-quarter gross domestic product growth at 0.6 percent and annual GDP at 2.0 percent.

"The second estimate of fourth quarter UK GDP was a bit of a mixed bag," noted Paul Hollingsworth, economist at Capital Economics research group.

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"On the one hand, the figures confirmed that growth accelerated towards the end of last year, with the quarterly rise revised up... However, GDP growth for the year as a whole was revised down from 2.0 percent to 1.8 percent," due to a lower estimate for first-quarter GDP, he said.

Looking ahead, "lingering uncertainty about the UK's future relationship with the EU as negotiations get underway may hold back investment," Hollingsworth added in a note to clients.

"Nonetheless, upbeat consumer sentiment and continued low interest rates should ensure that household spending doesn't slow too sharply."

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