This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-37786467
The article has changed 8 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| UK economy grows 0.5% in three months after Brexit vote | UK economy grows 0.5% in three months after Brexit vote |
| (35 minutes later) | |
| The UK economy grew faster than expected in the three months after the Brexit vote, official figures have indicated. | The UK economy grew faster than expected in the three months after the Brexit vote, official figures have indicated. |
| The economy expanded by 0.5% in the July-to-September period, according to the Office for National Statistics. | The economy expanded by 0.5% in the July-to-September period, according to the Office for National Statistics. |
| That was slower than the 0.7% rate in the previous quarter, but stronger than analysts' estimates of about 0.3%. | |
| "There is little evidence of a pronounced effect in the immediate aftermath of the vote," the ONS said. | "There is little evidence of a pronounced effect in the immediate aftermath of the vote," the ONS said. |
| The economy was boosted by a strong performance from the services sector, which grew by 0.8% in the quarter. | |
| Welcoming the figures, the Chancellor of the Exchequer, Phillip Hammond said: "The fundamentals of the UK economy are strong and today's data show that the economy is resilient." | |
| Transport, storage and communication were the strongest performing service industries. | |
| ONS chief economist Jo Grice said "A strong performance in the dominant services industries continued to offset further falls in construction, while manufacturing continued to be broadly flat." | |
| This is the first estimate of economic growth for the period, using less than half the data that will be used for the final estimate. | This is the first estimate of economic growth for the period, using less than half the data that will be used for the final estimate. |
| Analysis: Jonty Bloom, business correspondent | |
| The economy has slowed slightly but by nothing like as much as feared and the Office for National Statistics says that "the pattern of growth continues to be broadly unaffected following the EU referendum". | |
| That pattern is, however, a rather unbalanced one. The only sector of the economy that continued to grow was services, up by 0.8%; agriculture, manufacturing production and construction all shrank. | |
| Brexit supporters will take these figures as a sign that warnings about the economic costs of voting to leave the EU were nothing more than scaremongering. Remain supporters will argue that only prompt action by the Bank of England saved the economy and that worse is to come. |