This implies the UK economy expanded by 2.2% in 2015 - a moderation compared to the 2.9% growth in 2014, it remains consistent with the economy growing at close to its long-run potential rate.
Jack Meaning, NIESR Research Fellow, said:
“The slowdown in the economy last year was largely due to a sharp moderation in growth of the construction sector and public spending, exacerbated by weaker net trade. 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.”
