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| UK economic growth sped up in Brexit run-up | |
| (35 minutes later) | |
| The UK economy grew 0.6% in the three months to the end of June, a period that ended one week after the vote to leave the European Union. | The UK economy grew 0.6% in the three months to the end of June, a period that ended one week after the vote to leave the European Union. |
| Growth in gross domestic product was stronger than expected in the quarter, and was up from 0.4% growth in the previous three months, the Office for National Statistics (ONS) said. | Growth in gross domestic product was stronger than expected in the quarter, and was up from 0.4% growth in the previous three months, the Office for National Statistics (ONS) said. |
| Any uncertainty ahead of the referendum seemed to have a "limited" effect, the ONS said. | Any uncertainty ahead of the referendum seemed to have a "limited" effect, the ONS said. |
| On an annual basis, growth was 2.2%. | On an annual basis, growth was 2.2%. |
| ONS chief economist Joe Grice said: "Continued strong growth across services, particularly in retailing, reinforced by healthy growth in the manufacture of cars and pharmaceuticals, boosted output in the second quarter. | ONS chief economist Joe Grice said: "Continued strong growth across services, particularly in retailing, reinforced by healthy growth in the manufacture of cars and pharmaceuticals, boosted output in the second quarter. |
| "Any uncertainties in the run-up to the referendum seem to have had a limited effect. Very few respondents to ONS surveys cited such uncertainties as negatively impacting their businesses." | "Any uncertainties in the run-up to the referendum seem to have had a limited effect. Very few respondents to ONS surveys cited such uncertainties as negatively impacting their businesses." |
| Economic growth was strongest in April before easing off in May and June, the ONS figures show. | |
| Construction output grew 2.1% in April, while the services sector, the largest part of the UK economy, grew 0.6% that month. | |
| 'Position of strength' | |
| This is the first calculation of second-quarter economic activity and is based on less than half the data that will give the eventual figure. | |
| Economists, including those at the Bank of England, had estimated second-quarter growth would be about 0.5%. | |
| "It's always difficult to tell where you're going by looking in the rear-view mirror, and as such today's GDP figures can't be taken as evidence of the current climate," said Ben Brettell, senior economist at Hargreaves Lansdown. | |
| "However, what they do show is an absence of pre-Brexit concerns, meaning that if the forecast downturn does materialise, at least we start from a position of relative strength. | |
| A business survey last week suggested there had been a sharp fall in economic activity in the weeks after the referendum. |