The UK’s GDP in the third quarter of 2016 increased by 0.5% compared with the previous three months and by 2.3% on an annualized basis, according to the final data of the Office of National Statistics (ONS).
The dynamics of both indicators coincided with both the preliminary data and the expectations of experts.
In April-June, the growth of the British economy was 0.7% compared with the previous quarter and 2.1% in annual terms.
Consumer spending in the UK in the last quarter increased by 0.7% after rising 0.9% in the previous quarter, government spending increased by 0.4%, whereas in the previous three months, they have not changed.
The total volume of investment in fixed assets in July-September increased by 1.1% (1.6% in the second quarter).
"Business investment remained at the same level immediately after the British decision to leave the European Union, although probably the main part of the investment decisions was adopted before the June referendum, - the ONS reports. – the economic growth was supported by the growth in consumer spending and a good service sector dynamics".
The exports increased by 0.7% after a decline of 1% in the previous quarter, imports fell 1.5% after increasing by 1.3%.
Earlier this week, the Office for Budget Responsibility (OBR) increased the UK British economic growth forecast for 2016, but worsened the assessment for the years 2017 and 2018.
It is expected that the GDP will grow this year by 2.1% rather than 2%, as anticipated in the March forecast. Forecast for 2017 was reduced to 1.4% from 2.2%, while for 2018 it was reduced to 1.8% from 2.1%.
The CBI index of change in volume of retail sales in the UK for the last month has increased, contrary to expectations. This is evidenced by industry statistics released on Friday.
According to the report prepared by the Confederation of British Industry (CBI), the figure was 26 compared with 21 in the previous month. The experts expected a decline to 12.