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- UK GDP above expectations. The pattern of growth continues to be broadly unaffected following the EU referendum. Time to buy the pound?
UK GDP above expectations. The pattern of growth continues to be broadly unaffected following the EU referendum. Time to buy the pound?
Change in gross domestic product (GDP) is the main indicator of economic growth. GDP was estimated to have increased by 0.5% in Quarter 3 (July to Sept) 2016 compared with growth of 0.7% in Quarter 2 (Apr to June) 2016. GDP was 2.3% higher in Quarter 3 2016 compared with the same quarter a year ago.
This is the first release of GDP covering a full quarter of data following the EU referendum. The pattern of growth continues to be broadly unaffected following the EU referendum with a strong performance in the services industries offsetting falls in other industrial groups.
In Quarter 3 2016, the services industries increased by 0.8%. In contrast, output decreased in the other 3 main industrial groups with construction decreasing by 1.4%, agriculture decreasing by 0.7% and production decreasing by 0.4%, within which manufacturing decreased by 1.0%.
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