The Office for National Statistics has revealed UK gross domestic product (GDP) grew by 0.5% in the third quarter, breaking economists' expectations.
GDP growth in Q3 beat analysts' expectations of 0.3% growth, despite concerns the outcome of the EU referendum would weigh on the UK economy during the quarter. Year-on-year, GDP growth came in at 2.3%, also above estimates of 2.1%. Similarly, UK GDP grew by 0.7% in the second quarter of 2016, higher than analyst expectations of 0.4% for the period covering the vote to leave the EU. The stronger-than-expected growth was supported primarily by the services industry, which increased by 0.8%. However, the other three industrial groups saw a decrease in output, with construction decrea...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes