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Weaknesses ahead for UK economy
The figures revealed surprisingly weak consumer spending
The UK economy grew by 0.6% in the last three months of 2007, figures have confirmed, but the quarter saw a sharp slowdown in consumer spending.
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Consumer spending grew by just 0.2% in the three months, compared with growth of 0.9% in the previous quarter, the Office for National Statistics said.
Analysts said the more detailed data supported the view that the UK is set for much slower growth this year.
Many economists expect interest rates to be cut further in the coming months.
While we expect the UK to avoid recession, we believe it will see an extended period of markedly below-trend growth
Howard Archer, Global Insight
"The breakdown looks a bit weak for want of a better word," said Jonathan Loynes, chief UK economist at Capital Economics.
"It supports the view that growth will slow in the first quarter and beyond."
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