UK economy: Shoppers save the day as consumption spending lifts economic growth by 0.5%

The UK economy grew 0.5% between the third and the fourth quarter of 2015, lifted largely by consumption expenditure, the Office for National Statistics confirmed.

The growth in Gross Domestic Product (GDP) was as estimated on 28 January and largely in line with expectations. From 2014 to 2015, the economy expanded by 2.2%.

Brits taking to the high street saved the GDP, as consumption expenditure boosted the economic growth. The GDP edged up slightly, despite a drop in production output, which almost weighed it down. Output from mining and quarrying, which includes oil and gas extraction, fell by 2.3%.

"Once again, consumer expenditure has remained resilient," Jeremy Cook, chief economist at WorldFirst, commented on the numbers. "Thank God for the British disposition to buy anything that isn't nailed down and to at least offer a few quid for the things that are."

Net trade was another big drag on the economic growth, falling 0.4%.

Cook added: "We can but hope that the recent GBP weakness we have seen will allow exporters to gain orders and hedge at currently attractive levels."