UK Quarter 3 2016 GDP +0.5%

Thrugelmir

StevieJ wrote: »

Just bumped into this stupid forecast from the experts at HSBC from last February, they seemed to think that growth would stall next year. This one still has legs.
https://uk.finance.yahoo.com/news/hsbc-says-brexit-could-knock-083306292.html

Still better than the EU as a whole is forecasting. With the UK gone will look even worse.

worldtraveller

Thrugelmir wrote: »

Still better than the EU as a whole is forecasting. With the UK gone will look even worse.

Who'd have thunk it?! Little Britain, predicted to be the fastest growing G7 nation in 2016, even after Brexit! :rotfl:Ahead of the likes of Germany & the U.S.A. :eek:

OK, 2017 is still ahead, of course, but, as we all know, only time will tell! That said, prior to the referendum, did any supporters of 'Brexit' on DT not expect some later reduction in growth, or even a short recession, as a result of a 'Brexit' vote? I certainly did, and, IMHO, well worth it too!

worldtraveller

British businesses continued to invest and consumers carried on spending in the months following the Brexit vote, defying predictions that a wave of uncertainty would hit economic activity.

The ONS confirmed its earlier estimate that GDP expanded 0.5% in the third quarter, only a small slowdown from 0.7% growth in the second quarter and stronger than most economists had predicted in the immediate aftermath of the referendum result.

In the first official estimate of how firms’ spending fared after the referendum, the Office for National Statistics said business investment rose 0.9% in the July-to-September quarter. That was only a small slowdown from 1% growth in the previous quarter and beat forecasts for 0.6% growth in a Reuters poll of economists. :doh:

The Guardian

Conrad

These forecasts are an interpretation of CURRENT Govt policy, based on broad brush assumptions that are based on almost no fact, after all not one of these experts has any idea what deal we will sculpt and when. All the main forecasts since June had to be revised up

worldtraveller

The UK economy grew at a faster than expected pace of 0.6% in the third quarter amid a stronger expansion in business services and Britain's finance industries.

The Office for National Statistics (ONS) revised up the estimate from 0.5%, and the data shows UK growth remained robust following the Brexit vote.

Telegraph.co.uk

Matt_L

As most of us voting leave had anticipated, exciting times and for the first time in many years I'm so looking forward to the future....:xmassign:

Rinoa

BobQ wrote: »

I await the the figures being reduced as more data become available. These figures are provisional as always.

Hello Bob

mayonnaise

worldtraveller wrote: »

The UK economy grew at a faster than expected pace of 0.6% in the third quarter amid a stronger expansion in business services and Britain's finance industries.

Good news. We're doing quite well while being in the EU.

Merry Christmas! :xmastree:

A_Medium_Size_Jock

Indeed, the economic news for the UK so far does generally seem to be very good.
Certainly much better than had previously been suggested.
This DESPITE our declared intent to leave the EU - and despite being snubbed and threatened by this very EU that says it does not want the UK to leave.

:xmassign:

gfplux

worldtraveller wrote: »

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%.

Without doubt great news. Hopefully more good news when quarter 4 is published. The good news just keeps on coming while we remain in the EU.