UK economy grows by 0.6% in Q2 2016, demonstrating resilience amid the collapse in business confidence after referendum for Brexit. The result was above expectations, but we should consider that the period from April to June was not affected by the uncertainty before the referendum, which was held June 23rd. However, the UK economy increased pace of growth, as in the first quarter the increase was 0.4%.
On year-on-year basis the UK economy growth is 2.2%, which represent acceleration from the previous quarter, when the increase was 2%.
Retail sales increased by 1.6%, providing a strong foundation for growth in the second quarter. In the three months to May, the industrial production increased by 1.9%, thus both segments made a positive contribution to overall GDP growth. The services account increased by 0.5%. In construction, however, has decreased by 0.4%, while agricultural production decreased by 1%.
The vote of referendum for Brexit seriously influenced the attitudes of the presentation of the British economy, as the data on business activity in the manufacturing sector and in services for July brought unpleasant surprises.
The Purchase Managers’ Index (PMI) in the manufacturing sector fell from 52.1 points in June to 49.1 points in July. The indicator for the services you tumbled to its lowest level since 2009, recording a sharp drop from 52.3 points to 47.4 points.
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