British economy is growing at a slower pace in Q4 2017, according to a report by the National Statistics Office of the country. The UK GDP grew by 0.4% in Q4 2017. For comparison, preliminary data showed growth of 0.5%. On an annual basis, the country’s GDP rose by 1.4% yoy in the quarter, again below the previous estimate of 1.5%. The services sector, which accounts for nearly 80% of the UK economy, has the biggest contribution to growth.

“Services continue to drive growth by the end of 2017, but a number of sectors suffer from rising prices as it puts pressure on household budgets”, said Darren Morgan from the UK National Statistics Office.

Although the revision of the data is not great, it still reverses optimism from January that the British economy has finished last year with growth.

The latest GDP data is sending the UK on the last position of growth among the G7 countries, making it the world’s slowest expanding economy in 2017. The GDP growth of 1.4% is even worse than in Japan and Italy – the other least performing countries in terms of world economic growth at the end of last year.

Earlier in February, Eurostat reported that the Eurozone economy is growing at a faster pace than the UK for the first time since 2010. So while Brexit weighs on the British economy, Europe enjoys a recovery from the debt crisis.

In any case, albeit at a slow pace, Britain’s GDP has grown for the 20th consecutive quarter. The real household consumption increased by 0.3% in line with the growth rates of previous quarters.

However, the annual household spending slowed to 1.4%, which was significantly lower than the 2.6% expansion seen in the first quarter of 2017.