While the quarter saw a 1.2 per cent rise in consumer spending and a 1.8 per cent year-on-year growth in the services sector, The Share Centre economics commentator Michael Baxter is warning of mixed fortunes for 2017.
The UK's gross domestic product (GDP) grew by 0.7% in the final three months of previous year, up from an initial estimate of 0.6%.
"However, there were some signs that Brexit uncertainty is starting to have some impact on the corporate sector, with business investment down during the last three months, combined with slower growth in consumer spending".
The ONS said there has been a slowdown in business investment, it fell by one per cent compared with the three months to the end of September.
Michael Baxter, economics commentator for the Share Centre, said the United Kingdom growth figures had "confounded the doubters", but said we should expect economic growth to take on a very different shape this year.
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But business investment fell 1% to £43.5 billion between October and December, due to weak spending on information and communication technologies, buildings and structures excluding homes, and other machinery and equipment.
"We should bear in mind that the investment data are often subject to heavy revision, and businesses generally remain upbeat about the year ahead".
Pantheon Macroeconomics said the upward revision to GDP growth was not a surprise.
GDP was estimated to have increased by 2 per cent during 2016, slowing slightly from 2.2 per cent in 2015. "We also need to acknowledge that a big driver of United Kingdom growth in Q4 last year came from consumption, but with prices on the rise consumers may start to rein in spending, something we've already seen in the drop in retail sales at the beginning of this year".
There was a strong positive contribution from trade which contributed 1.3% for the quarter.