Economic overview: October 2016
The economy as a whole has grown by an estimated 0.5% in Quarter 3 (July to September) 2016. Although this is a slightly slower growth rate than the previous quarter, GDP has continued the trend of positive growth seen since 2015.
ONS Chief Economist Nick Vaughan said:
“The ONS data so far have shown an economy largely undisrupted by the UK’s decision to leave the EU. Growth has continued at roughly the same rate seen for the past few years with our large and relatively robust services sector still significantly outperforming the rest of the economy. On the downside, the costs of raw materials have clearly started to rise due to the weakened pound but there is little sign yet of this feeding through to consumer prices. Of course, this is only the first chapter of a long story. As well as continuing to survey many thousands of households and businesses, ONS is developing innovative data sources that will help to provide an even more timely and comprehensive picture of the post-referendum economy.”
The ONS produces a wide range of economic statistics, which will increasingly contain data periods which fall after the UK vote on EU membership that was held on 23 June.
They have compiled this dashboard to aid understanding of the post-referendum economy.
The commentary and trends to consider information is not a forecast or prediction of whether the statistics will show any discernible effects of the EU referendum result but are to help comprehension of how these data are potentially impacted by the international and domestic economic environment as we move forward in time.