UK economic growth accelerates in Q2, beats estimates

Latest data from the Office for National Statistics (ONS), revealed that the economic growth in the UK grew above expectations in the second quarter of 2016, with the Britons shrugging-off the Brexit decision.

The UK prelim GDP estimate rose 0.6% q/q in the second quarter of 2016, up from 0.4% booked in the first quarter, while beating estimates of a rise of 0.5% in June quarter.

On annualized basis also Britain’s  GDP rose 2.2% versus 2.0% expected and as compared to the previous reading of 2.0%

Commenting on today’s Q2 GDP figures, ONS Chief Economist Joe Grice said, “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.”