Finance sector output sparks rise in Q3 GDP: ONS

This is the 15th consecutive quarter of positive growth since Q1 2013.

However both Q1 and Q2 have been revised down by 0.1 percentage points.

Between Q3 2015 and Q3 2016, GDP in volume terms increased by 2.2%, also revised down 0.1 percentage points from the previously published estimate.

Darren Morgan, Head of GDP at the ONS, commented: “Robust consumer demand continued to help the UK economy grow steadily in the third quarter of 2016. Growth was slightly stronger than first thought, though, due to greater output in the financial sector.”

Jonathan Chitty, investment analyst at Brown Shipley, added: “The final estimate of third quarter GDP was a slight upgrade on the preliminary estimate of 0.5% released in October, though it was still a downgrade compared to the first and second quarter predictions.

“Attention now moves to the preliminary estimate of fourth quarter GDP released in late January where, save for an exceptionally strong Christmas trading period, we expect to see that the economy has grown more slowly in 2016 than it did during 2015. Of course, we are also yet to find out how the UK’s relationship with the EU will look in a post-Brexit world which will inevitably factor into considerations in the New Year too.”