Britain’s economy grew faster than expected in the fourth quarter of 2016, according to a preliminary GDP release from the Office for National Statistics on Thursday.
According to the ONS’ data, GDP grew by 0.6% in the quarter, in line the consensus forecast of economists who saw growth increasing by 0.5%
On a year-to-year basis, growth was also above expectations, with UK GDP 2.2% higher over the course of the last 12 months, compared to a forecast 2.1%.
The data was closely watched as Q4 was just the second full quarter of activity after Britain’s historic vote to leave the European Union. Initial predictions of economic doom after the Brexit vote have so far failed to materialise — with the exception of the crashing pound — and economic data has broadly held up well.
UK GDP has now grown in 16 consecutive quarters. The last time UK GDP shrunk over a quarter came in Q4 of 2012 when the economy readjusted to normality following a huge boost from the 2012 Olympic Games in London.
Inflation has surged higher as a consequence of the pound’s dramatic fall in recent months, hitting 1% in October, the first time in around two years it reached that level. It has since continued to climb, and is now at 1.6% with expectations that by the end of the year price growth could be at somewhere between 3 and 3.5%.