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UK economy grows at a faster rate than expected

Written by: Adam Lewis
The Office for National Statistics (ONS) has increased its estimate for how much the UK economy grew in the second quarter of 2016 from 0.6% to 0.7%.
UK economy grows at a faster rate than expected

Improved consumer spending and growth in the services sector was responsible for the slight uptick in the ONS’s third and final estimate for GDP growth between April and June, which covers a month of data after the EU referendum.

“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,” said ONS statistician Darren Morgan.

The 0.7% growth recorded is the 14th consecutive quarter of UK economic growth. It builds on the 0.6% growth recorded in the first quarter (January to March), while in the period between the second quarter of 2015 and second quarter of 2016 the UK economy has expanded in volume terms by 2.2%, which is unrevised from the last estimate.

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