Dhaka, 30 April 2017 (DNA BD) : Strong consumer spending last year helped the British economy to defy predictions of a recession
after the referendum and grow at the second fastest rate in the G7 group of large economies, according to a global media
But many economists have been expecting the consumer-driven expansion to end as higher import prices are passed on to retail
prices. Consumer borrowing increased at double-digit annual rates last year, suggesting that households do not have much
scope to use savings to increase spending.
While there were “clearer signs” that consumer spending was wavering, “the production related sectors of the economy are
forging ahead thanks to an improving global picture and the more competitive pound”, say analysts.
Surveys of manufacturers have found them increasingly optimistic about the future and reporting higher export orders. The
first release of GDP figures was based on only 40 per cent of the data needed for a full estimate.