UK Economy Grows by 0.5%

The UK economy grew by 0.5% in the third quarter, official figures have confirmed, helped by export growth and stronger consumer spending. 
In its second estimate of the health of the economy, the Office for National Statistics (ONS) also said business investment grew by more than expected. 
That was up 0.9% following the Brexit vote, against the second quarter, although it was down on last year. 
There will be a third estimate of the figures in December. 
"Investment by businesses held up well in the immediate aftermath of the EU referendum, though it's likely most of those investment decisions were taken before polling day," an ONS statistician, Darren Morgan said. 
"That, coupled with growing consumer spending fuelled by rising household income, and a strong performance in the dominant service industries, kept the economy expanding broadly in line with its historic average." The figures cover the period from July to the end of September and the ONS said the growth in gross domestic product suggested limited effect so far from the EU referendum at the end of June. 
However, it is expected that the effects of the Brexit vote and the fall in sterling will begin to feed through in the coming months. 
The Office for Budget Responsibility, which provides independent economic forecasts and analysis, said on Wednesday that it expected the economy to grow by 1.4% in 2017, down from the 2.2% it predicted in March. It cut its forecast for growth in 2018 to 1.7%, down from 2.1%.