Xinhua, London :
The British economy defied the headwinds of Brexit uncertainty to record improved GDP growth over the third quarter of this year, according to figures released on Friday.
The British economy grew at 0.6 percent over the third quarter (August-October), a 50-percent jump in the rate of growth over the second quarter, which recorded 0.4 percent growth, according to data from the Office of National Statistics (ONS), the official data body.
This is the fastest rate of growth since the Brexit referendum vote in June 2016 set Britain on a path to exit the 29-member European Union (EU), and is above the post-referendum trend British rate of about 0.4 percent a quarter.
The 0.6 percent growth also outstrips growth in the EU as a whole which has hit an abrupt slowdown, growing at just 0.3 percent in the EU28 area and 0.2 percent across the euro currency nations.
Weather-related economic weakness at the start of the year, with prolonged snow and low temperatures freezing economic growth at close to zero over the first quarter, has now had a beneficial effect on growth.
The acceleration seen in these third quarter figures is a regaining of growth lost in the first quarter.
The annual pace of GDP growth now steps up to 1.5 percent up from 1.2 percent at the end of the second quarter, maintaining the pace of growth set at the end of 2017.
Household consumption growth rose from 0.3 percent in the second quarter to 0.5 percent in the third, and accounted for half GDP growth.
Fixed investment recovered, rising by 0.8 percent over the quarter, having fallen in the previous two.
The uncertainties over the Brexit process, with divorce talks currently stalled between Britain and the EU and a deadline for exit of the end of March next year were clearly seen in the business investment figures.
Business investment fell 1.2 percent over the quarter, its worst reading since before the 2016 Brexit referendum and the third quarter of decline as businesses hesitated with investment decisions over fears that new trade and tariff charges would affect businesses adversely.
The British economy defied the headwinds of Brexit uncertainty to record improved GDP growth over the third quarter of this year, according to figures released on Friday.
The British economy grew at 0.6 percent over the third quarter (August-October), a 50-percent jump in the rate of growth over the second quarter, which recorded 0.4 percent growth, according to data from the Office of National Statistics (ONS), the official data body.
This is the fastest rate of growth since the Brexit referendum vote in June 2016 set Britain on a path to exit the 29-member European Union (EU), and is above the post-referendum trend British rate of about 0.4 percent a quarter.
The 0.6 percent growth also outstrips growth in the EU as a whole which has hit an abrupt slowdown, growing at just 0.3 percent in the EU28 area and 0.2 percent across the euro currency nations.
Weather-related economic weakness at the start of the year, with prolonged snow and low temperatures freezing economic growth at close to zero over the first quarter, has now had a beneficial effect on growth.
The acceleration seen in these third quarter figures is a regaining of growth lost in the first quarter.
The annual pace of GDP growth now steps up to 1.5 percent up from 1.2 percent at the end of the second quarter, maintaining the pace of growth set at the end of 2017.
Household consumption growth rose from 0.3 percent in the second quarter to 0.5 percent in the third, and accounted for half GDP growth.
Fixed investment recovered, rising by 0.8 percent over the quarter, having fallen in the previous two.
The uncertainties over the Brexit process, with divorce talks currently stalled between Britain and the EU and a deadline for exit of the end of March next year were clearly seen in the business investment figures.
Business investment fell 1.2 percent over the quarter, its worst reading since before the 2016 Brexit referendum and the third quarter of decline as businesses hesitated with investment decisions over fears that new trade and tariff charges would affect businesses adversely.
