Home Business NewsEconomic News UK economy grows by 0.6%, chancellor remains upbeat

UK economy grows by 0.6%, chancellor remains upbeat

by LLB Reporter
27th Jul 16 10:15 am

GDP growth beats expectations

The UK economy grew 0.6% in the three months to the end of June, official figures from the Office For National Statistics showed today.

Growth in gross domestic product beat expectations and was up from 0.4% growth in the previous three months.

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.”

Construction output fell by 0.4% – down from a 0.3% decline in the first quarter while the service sector slowed slightly with growth of 0.5%.

The Chancellor, Philip Hammond, said: “Today’s GDP figures show that the fundamentals of the British economy are strong.. so it is clear we enter our negotiations to leave the EU from a position of economic strength.”

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