FLASH: UK demand better than often assumed
- The ONS’s second estimate of Q3 GDP growth was broadly unrevised with the headline pace at 0.4% q-o-q. Its monthly trend since the referendum remains relatively stable at a better speed (0.45% q-o-q) than most economists forecast.- Consumption rebounded sharply to drive growth from an expenditure perspective. Car sales volatility around tax changes exaggerated the slowdown and recovery, leaving gloomy stories for both increasingly looking isolated from the evidence.
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