The UK economy is growing

Office for National Statistics (ONS) noted economic growth by more than 0.5% in the last three months of 2017.

Economic growth was more rapid than predicted by experts, but its peak was noted only in the last quarter, while the rest of the year the growth of the economy was very uneven and slow.

In 2017, the overall economic growth was 1.8% - the worst indicator since 2012. The fastest growth of almost all economic spheres was registered in the fourth quarter of 2017.

The overall economic growth of the UK was mainly improved because of the development of production and services, mainly due to recruitment agencies, personnel management and real estate agencies. The slower growth in the services sector was noted in the distribution, catering, transport, communications and hospitality industries. In total, the services sector grew by 0.6% in the fourth quarter of 2017, while in the third quarter the growth was 0.4%.

Construction, in turn, fell by 1%, continuing to fall for the third consecutive year. John Hawksworth, chief economist at PwC, believes that most of all, Brexit contributed to the collapse of the construction industry, which constrains investment in commercial real estate and aggravating the situation on the market, especially in London.

Despite last year's growth, Ben Brettell, a senior economist at financial company Hargreaves Lansdown, doubts that in 2018 the figure will increase by more than 1%, at least until the fourth quarter.

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