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Economists shed much of their earlier post-Brexit concerns

Economists shed much of their earlier post-Brexit concerns

Added to MTDCNC by MTDCNC on 27 July 2016

The Office for National Statistics (ONS) has announced that the UK economy grew by 0.6% in the three months to the end of June, showing signs of accelerated growth in the period up to the Brexit vote. In addition, the second-quarter GDP figure increased faster than expected.

The GDP growth figure rose by 0.4% compared to the first quarter of 2016 making any uncertainty ahead of the referendum being somewhat restrained. This adds to an economic growth on a yearly basis of 2.2%. The climb in economic activity was boosted by the biggest upturn in industrial output since 1999, particularly from car factories and pharmaceutical firms.

Economists have said that second-quarter growth can be estimated to be in the region of 0.5%. Industrial output, including manufacturing, grew by 2.1% in the quarter whilst the services sector grew 0.5%. Industrial production jumped 2.1% month-on-month in April and then slowed by 0.5% in May with just a 0.2% increase last month.

The impressive figures show a sign of strength that many economists are very optimistic about. Whilst shedding much of their earlier post-Brexit concerns, many economists are very bullish about the outlook. For those with concerns of a potential downturn, their pessimism comes with words of confidence that if a slow down does arise, we are starting from a very positive position..

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