The British economy just got an upgrade

The Office for National Statistics just released its final estimate of UK GDP for the fourth quarter.

The top line is that growth was a little faster than expected: 0.6% in the final three months of the year, and 3% over the year as a whole.

Analysts had expected 0.5% in the final three months and 2.7% for the year overall.

Here's how it breaks down:

• Overall GDP rose by 0.6% from the third quarter to the fourth.
• And it's up 3% in comparison to the fourth quarter in 2013.
• Business investment increased by 3.7% after a big miss on expectations in the third quarter.
• The "index of services" - effectively the output of Britain's dominant services sector, rose by 0.8% quarter on quarter

Here's how the last several years look for the British economy:

ONS, Business Insider

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