BRITAIN BEATS: UK GDP growth revised up to 0.7% in Q2

UK GDP grew by 0.7% in the second quarter of 2016, according to the final figures released by the Office for National Statistics on Friday, a beat on the previous estimate of 0.6% released in late July.

On an annual basis, GDP rose by 2.1%, slightly lower than the July estimate of 2.2%

The 0.7% growth was driven largely by strong quarterly performances by the production and services sectors, while agriculture and construction provided a small drag on the numbers.

When the ONS released its preliminary estimates of Q2 GDP in late July, the numbers surprised to the upside, with growth having been expected to read 0.5% for the quarter, and 2.1% for the year as a whole.

At that time, the numbers were used by many as an indicator that the economic impact of Brexit may not be as bad as expected.

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