Further positive data on both economic growth and consumer confidence was released on Friday, added to the plethora of figures showing Brexit has had a weaker than expected impact on the economy.
The UK economy grew 0.7 percent in the second quarter, according to the Office for National Statistics, an upwards revision from its previous estimate of 0.6 percent.
ONS statistician Darren Morgan commented:
“Together this fresh data tends to support the view that there has been no sign of an immediate shock to the economy, although the full picture will continue to emerge.”
Consumer confidence up
British consumer confidence also rose in September, after a plummet in July on the back of the European Referendum result.
Market research firm GfK’s gauge of consumer confidence saw its sharpest drop in over 26 years in July, falling to -7. However, data from September shows it has now risen to -1, a steep climb in just two months.
These figures are the latest in a wealth of data suggesting that, so far, the UK has escaped a negative impact from Brexit. In July the service sector grew by 0.4 percent, which was stronger than economists had been expecting and in August unemployment sank unexpectedly.
30/09/2016
