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| UK third quarter GDP confirmed at 0.5% | UK third quarter GDP confirmed at 0.5% |
| (35 minutes later) | |
| The UK economy grew by 0.5% in the third quarter, official figures have confirmed, helped by export growth and stronger consumer spending. | The UK economy grew by 0.5% in the third quarter, official figures have confirmed, helped by export growth and stronger consumer spending. |
| In its second estimate of the health of the economy, the Office for National Statistics (ONS) also says business investment grew by more than expected. | |
| That was up 0.9% following the Brexit vote, against the second quarter, although it was down on last year. | That was up 0.9% following the Brexit vote, against the second quarter, although it was down on last year. |
| There will be a third estimate of the figures in December. | There will be a third estimate of the figures in December. |
| "Investment by businesses held up well in the immediate aftermath of the EU referendum, though it's likely most of those investment decisions were taken before polling day," Darren Morgan, an ONS statistician, said. | "Investment by businesses held up well in the immediate aftermath of the EU referendum, though it's likely most of those investment decisions were taken before polling day," Darren Morgan, an ONS statistician, said. |
| "That, coupled with growing consumer spending fuelled by rising household income, and a strong performance in the dominant service industries, kept the economy expanding broadly in line with its historic average." | "That, coupled with growing consumer spending fuelled by rising household income, and a strong performance in the dominant service industries, kept the economy expanding broadly in line with its historic average." |
| The figures cover the period from July to the end of September and the ONS said the growth in gross domestic product suggested limited effect so far from the EU referendum at the end of June. | |
| Sharp slowdown | |
| However, it is expected that the effects of the Brexit vote and the fall in sterling will begin to feed through in the coming months. | |
| The "near-term strength of the economy after the Brexit vote is unlikely to persist", said Samuel Tombs chief UK economist with Pantheon Macroeconomics. | |
| "The outlook for stagnation in real incomes next year, as inflation rockets, points to a sharp slowdown in consumer spending growth ahead," Mr Tombs added. |