Recent evidence suggests that high-street spending has provided decent support to GDP growth in Q4. Admittedly, a weaker performance off the high street suggests that overall quarterly consumer spending growth probably slowed a little. But at least the manufacturing sector should provide a partial offset. All in all, the economy seems to have maintained a decent pace in the fourth quarter, providing tentative support to our view that GDP will grow by 2% or so in 2018, rather than slow to 1.4% as the consensus expects.
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