UK GDP up 0.5% in Q3 but 'we are not out of the woods yet'

Despite Brexit headwinds

The Office for National Statistics has revealed UK gross domestic product (GDP) grew by 0.5% in the third quarter, breaking economists' expectations.

GDP growth in Q3 beat analysts' expectations of 0.3% growth, despite concerns the outcome of the EU referendum would weigh on the UK economy during the quarter. Year-on-year, GDP growth came in at 2.3%, also above estimates of 2.1%. Similarly, UK GDP grew by 0.7% in the second quarter of 2016, higher than analyst expectations of 0.4% for the period covering the vote to leave the EU. The stronger-than-expected growth was supported primarily by the services industry, which increased by 0.8%. However, the other three industrial groups saw a decrease in output, with construction decrea...