The UK economy grew slightly faster than predicted in the third quarter of 2016, with gross domestic product increasing by 0.6 per cent.
The Office for National Statistics data released today (23 December) revealed UK GDP in volume terms had been revised up 0.1 per cent from the second estimate of the figure published on 26 November this year.
According to the ONS this was due to upward revisions from the output of the business services and finance industries and is the fifteenth consecutive quarter of positive growth since the first quarter of 2013.
Darren Morgan, head of gross domestic product at the ONS said: “Robust consumer demand continued to help the UK economy grow steadily in the third quarter of 2016. Growth was slightly stronger than first thought, though, due to greater output in the financial sector.”
But year-on-year figures have been revised down, with GDP increased by 2.2 per cent rather than 2.3 per cent.
The figures show growth has been steady at 0.6 per cent since Britain's vote in June to leave the European Union.
In November this year, it was predicted growth in the UK will lag behind the rest of the world, according to a global trade body which said Britain would be hindered by the country’s departure from the European Union.
As the results of the referendum came in during the early hours of 24 June the pound dived to a 30-year low.
According to the Organisation for Economic Co-operation and Development (OECD) at the time, GDP growth was expected to average between 1 and 1.25 per cent each year over 2017 and 2018, down from this year’s growth forecast of 2 per cent.
An HM Treasury spokesperson said: “The fundamentals of the UK economy are strong, but there remain challenges ahead.
"The chancellor set out, in the Autumn Statement, his plan to support a resilient economy that works for everyone by driving productivity and supporting working people, while maintaining fiscal discipline."
ruth.gillbe@ft.com
