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    12.01.2016 15:24 NIESR’s gross domestic product rises by 0.6% in three months to December and by 2.2% in 2015 as whole

    The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Tuesday. The GDP estimate rose by 0.6% in three months to December, after a 0.6% growth in three months to November.

    According to the NIESR, the U.K. economy grew 2.2% in 2015, after a 2.9% rise in 2014.

    "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," Jack Meaning, NIESR Research Fellow, said.

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