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The ONS said annual GDP hit 2%, helping the UK economy rise 7% above its pre-crisis peak in the three months from January to March. This final GDP estimate was unrevised from the second estimate of GDP published on 26 May 2016. This is the 13th consecutive quarter of positive growth since Quarter 1 2013.
Between Quarter 1 2015 and Quarter 1 2016, GDP in volume terms increased by 2.0%, unrevised from the previously published estimate. While, between 2014 and 2015, GDP per head increased by 1.4%.
GDP in current prices increased by 1.0% between Quarter 4 2015 and Quarter 1 2016, revised up 0.3 percentage points from the previously published estimate and real households’ disposable income increased by 2.0% between Quarter 4 2015 and Quarter 1 2016.
The European Union also saw a positive increase of 0.5%, marking 12 consecutive quarters of positive growth.
As reported by the Financial Times, economists now expect the ‘UK economy to enter a slowdown’ following the decision to leave the EU. These figures, indeed, do not reveal a lot about the post referendum effect as “the vote was not called until more than half-way through the quarter” as Joe Grice, chief economist at the ONS said.
Full release: Quarterly National Accounts: Quarter 1 (Jan to Mar) 2016