For 2015, UK’s GDP growth was 2.2%, lesser than 2.9% in 2014. At the end of 2015 Britain’s economy picked up pace, but GDP growth for 2015 was down evidently as both the manufacturing and construction sectors struggled.

Official figures published recently showed GDP grew at 0.5% in the last quarter of 2015, up from 0.4% growth in the third quarter. In 2014, GDP grew at 1.9% annually, with 2.1% growth in the third quarter. Since early 2013, the last quarter of 2015 marks the slowest annual expansion rate.

On the brighter side, the Pound strengthened against the Dollar market expectations were met. Recently many economists had warned that GDP growth could slow down for Britain against the backdrop of a global economic slowdown, plus a fall in oil prices after the downturn in China and turmoil on financial markets.

The Bank of England has also specified that it will keep the interest rates at a record low of 0.5% for many more months to come.

What this means for international students 

The economy of UK has been affected by the global slowdown. In the manufacturing sector, there was a small increase in the number of companies reporting improved sales and orders. For both services and manufacturing sectors, confidence in turnover and profitability still remains low by past standards. The percentage of service companies struggling to employ new workers rose to the highest level in the last 18 years, but businesses expect to take on more workforce in year of 2016.

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