Economic growth robust in third quarter, says ONS data

UK growth has remained robust since the European Union (EU) Referendum, according to new data from the Office for National Statistics (ONS), which confirms that gross domestic product (GDP) grew by 0.5 per cent between July and September.

Business investment expanded at 0.9 per cent over the same period, while household spending was up by 0.7 per cent.

According to data analysis, trade made its greatest contribution to UK quarterly growth since the beginning of 2014 – with exports lifted by the weak pound.

Head of GDP at the ONS, Darren Morgan, 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.

“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.”

James Knightley of ING Bank, added: “This is a firm growth story that again shows the economy has weathered the Brexit storm very well so far.

“The data flow so far suggests that the fourth quarter should also post a decent growth rate, but we still expect a substantial slowdown in 2017.”