UK economy grows despite Brexit

Third-quarter gross domestic product expanded by 0.5 percent in the UK, the national statistics office announced Thursday while presenting the first quarterly report after Britain’s June 23 vote to leave the European Union, writes www.dw.com.

The figure meant only a slight slowdown compared with 0.7-percent growth in the previous three months.

The Office for National Statistics (ONS) added that third-quarter GDP rose by 2.3 percent in a year-on-year comparison.

“The pattern of growth continues to be broadly unaffected following the referendum, with a strong performance in the services industries offsetting falls in other industrial groups,” the agency said in a statement.

Finance Minister Philip Hammond said the GDP data pointed to a resilient UK economy.

Sterling, which had plunged to multi-year lows against the greenback and the euro since the Brexit outcome, experienced a brief rally on the latest data.

Source: www.dw.com