UK economy grew less quickly than first estimated in 2016

Britain's economy grew less quickly than originally estimated in 2016, losing the mantle of being the fastest-growing among the Group of Seven of the world's biggest economies.

The Office for National Statistics says growth was revised down to 1.8 percent from the 2 percent originally estimated. The figure is also down from 2.2 percent growth in 2015.

Chris Williamson of financial research firm IHS Markit said that while companies are expecting good times to continue, the "data add to concerns that cracks are developing, with households pulling back on spending as higher inflation bites and Brexit clearly a major source of uncertainty."

The economy grew in the fourth quarter, expanding by 0.7 percent, up from initial estimates of 0.6 percent.