UK economic growth revised upwards


Britain’s economy grew faster than previously thought in the three months after the EU referendum, figures from the Office for National Statistics (ONS) show.


The economy, as measured by gross domestic product (GDP) posted quarter-on-quarter growth of 0.6% in the third quarter of 2016, compared with initial estimates of 0.5%. GDP was up by 2.2% on the same quarter 2015.


“Robust consumer demand continued to help the UK economy grow steadily in the third quarter of 2016. Growth was slightly stronger than first thought, though, due to greater output in the financial sector,” said Darren Morgan of the ONS.


The services sector — which accounts for about 80% of economic activity in the UK — was the main driver of growth, with an increase of 1.0% in output in the third quarter of 20016 compared with the second quarter. 


The production industries saw growth down by 0.4%, with manufacturing recording a 0.8% fall in output compared with the second quarter.


Production output was up by 1.1% on the same quarter 2015, with manufacturing output 0.5% higher.


On an annual basis, GDP grew by 2.2% in 2015.


www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/quarter3julytosept2016