UK Q3 GDP a tad weaker post-Brexit, but beats estimates

Dhwani Mehta FXStreet

The UK GDP first estimate revealed that the pace of growth in the UK economy has slowed somewhat in the third quarter, in wale of the Brexit vote.

The report showed that the FDP figures came in at 0.5% q/q in the third quarter of 2016, down from 0.7% booked in the second quarter, although surpassed expectations of only 0.3% increase in Sept quarter.

While on an annualized basis, the growth rate came in stronger at +2.3% versus +2.1% previous, and +2.1% forecast.

Key Headlines from ONS:

Pace of growth post-Brexit surprises, growing stronger than forecast

Little evidence of a pronounced effect in immediate aftermath of the vote

Too early to tell effect of sterling depreciation on data

Construction suffered biggest drop since Q3 2012

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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