Economy grew by 0.6% before EU referendum

Ryan Fowler

July 27, 2016

philiphammond

The UK economy grew by 0.6% in the second quarter of the year as a strong performance from the industrial sector maintained momentum.

GDP growth in the second quarter of 2015 was slightly up on the previous three-month period, when it stood at 0.4%.

As such the economy is now 2.2% larger than during the same quarter of 2015.

Mark Carney’s post-Brexit speech in full

Joe Grice, chief economist at the ONS, said: “Any uncertainties in the runup to the referendum seem to have had a limited effect.

“Very few respondents to ONS surveys cited such uncertainties as negatively impacting their businesses.”

ONS

The chancellor Philip Hammond (pictured) said the figures show the economy is fundamentally strong.

“It is clear we enter our negotiations to leave the EU from a position of economic strength.

“Those negotiations will signal the beginning of a period of adjustment, but I am confident we have the tools to manage the challenges ahead, and along with the Bank of England, this government will take whatever action is necessary to support our economy and maintain business and consumer confidence.”