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UK Quarter 3 2016 GDP +0.5%
worldtraveller
Posts: 14,013 Forumite
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%.
ONS
The Bank of England forecasted 0.3% growth only 6 weeks ago, which was already up from the previous even lower estimate of 0.1%.
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%.
ONS
The Bank of England forecasted 0.3% growth only 6 weeks ago, which was already up from the previous even lower estimate of 0.1%.
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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Comments
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Good news :beer:“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
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Go figure.“Britain- A friend to all, beholden to none”. 🇬🇧0
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Don't worry, you can be sure that quite a few pro-remainers on these forums will soon be along to say "Ah, but wait and see in the NEXT quarter .....".
They are running out of prophecies of doom you see.0 -
A_Medium_Size_Jock wrote: »Don't worry, you can be sure that quite a few pro-remainers on these forums will soon be along to say "Ah, but wait and see in the NEXT quarter .....".
They are running out of prophecies of doom you see.
I'm more interested to see where business investment goes over the next couple of years.
First post referendum figures will be released end November.0 -
A_Medium_Size_Jock wrote: »Don't worry, you can be sure that quite a few pro-remainers on these forums will soon be along to say "Ah, but wait and see in the NEXT quarter .....".
Yes, that, and/or that the figures are only a preliminary estimate and will probably be revised down later on.
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
Does that incorporate the drop in the value of the pound? If it does, you would have to assume business has gone through the roof to compensate for how much more expensive everything has become.
So much for no investment, the business exodus, expensive imports and a crash in consumer confidence.
I bet Osborne feels like a right pleb.0 -
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I'm more interested to see where business investment goes over the next couple of years.
First post referendum figures will be released end November.
Yep.
Investment decisions are planned well in advance.
The investment projects most businesses were delivering last quarter were signed off at least 12-18 months ago and in many cases a number of years further back.
It will take time for that pipeline to dry up - but unless the govt can provide assurances to business (like the guarantee of compensation for tariffs rumoured to be offered to Nissan last week) then dry up it will.
This rampant smugness of the Brexiteers while looking at figures which were all but baked in pre-referendum is likely to come back and bite them hard once the changes to business confidence actually flow through into the data next year and the year after“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Yep.
Investment decisions are planned well in advance.
The investment projects most businesses were delivering last quarter were signed off at least 12-18 months ago and in many cases a number of years further back.
It will take time for that pipeline to dry up - but unless the govt can provide assurances to business (like the guarantee of compensation for tariffs rumoured to be offered to Nissan last week) then dry up it will.
This rampant smugness of the Brexiteers while looking at figures which were all but baked in pre-referendum is likely to come back and bite them hard once the changes to business confidence actually flow through into the data next year and the year after
So why do you think the Treasury was predicting a contraction of 0.1%?
If they can be so spectacularly wrong a few months ahead I'd take any other predictions for the long term with a pinch of salt.
I do agree though that it is the coming years that we need to be wary of, but I'm still sure that we'll be ok.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Speak of the devil.Nissan has confirmed it will build the new Qashqai model - as well as the X-Trail SUV - at its Sunderland plant in the first major decision for the car industry since the Brexit vote.
The decision will secure 7,000 jobs, with the possibility of more to be created, following "support and assurances from the UK government".
Building the X-Trail is an unexpected addition to the Sunderland line-up.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
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