The second quarter of 2016 saw the UK economy grow at an estimated increase of 0.6 % between April and June, according to the latest GDP figures published by the Office of National Statistics (ONS). This surpasses the growth in Q1 of 0.4%.
The strongest areas of growth, according to the figures were production, which saw output increase by 2.1% and manufacturing, which demonstrated a rise of 1.8%. Additionally, services, including retail, increased by 0.5%. Construction, on the other hand, decreased by 0.4%.
The annual growth rate was also 2.2% higher in Quarter 2 of 2016, in comparison with the same period on 2015. Whilst these figures only take into account the first few days post-Brexit, chief economist at the ONS, Joe Grice said in a statement that before the vote itself, any uncertainties had only a “a limited effect”. “Very few respondents to ONS surveys,” he said, “cited such uncertainties as negatively impacting their businesses.”
“Continued strong growth across services, particularly in retailing, reinforced by healthy growth in the manufacture of cars and pharmaceuticals, boosted output in the second quarter.”