UK confirms 0.5 per cent GDP growth

Posted on November 25, 2016

The UK economy expanded by 0.5 per cent between July and September, the Office for National Statistics has confirmed.

Economic output increased 0.5 per cent in the quarter and was 2.3 per cent greater than the same period last year, in line with initial estimates released last month.

The first official growth figures since the Brexit vote confounded warnings of an immediate recession if Britain voted to leave the EU, but economists have predicted that the honeymoon is unlikely to last.

The Office for Budget Responsibility, the government’s independent economic watchdog, estimated this week that economic growth will be 2.4 percentage points lower over the next five years as a result of the vote.

The National Institute of Economic and Social Research has already reported signs of a slowdown in its unofficial estimate of economic growth for the three months to October, which said the economy grew 0.4 per cent in the period.

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