BRITAIN’S economy is in rude health — thanks to soaring exports by drug companies ahead of Brexit. New figures show GDP growth accelerated to 0.5 per cent in the first three months of the year, up from 0.2 per cent in the previous quarter. Production was up thanks to a 2.2 per cent rise in […]
BRITAIN’S economy is in rude health — thanks to soaring exports by drug companies ahead of Brexit.
New figures show GDP growth accelerated to 0.5 per cent in the first three months of the year, up from 0.2 per cent in the previous quarter.
Production was up thanks to a 2.2 per cent rise in manufacturing, the highest output since 1988.
The Office for National Statistics said there was evidence firms had been trying to rush out orders and stockpile materials ahead of the UK’s planned EU exit on March 29th.
Pharmaceutical firms posted the highest growth, at 9.4 per cent, thanks to increased exports to Europe.
Chancellor Philip Hammond hailed the results as “good news”.
He said: “It is correct that there has been some stockpiling ahead of the possibility of a no-deal exit in March but the underlying message is one of resilience of this economy – the growth has come across all sectors: services, construction, manufacturing, production – it’s not just in one area.
“When you look at the broader picture, what’s happening in Germany, what’s happening in the EU27, this is good solid performance for the UK economy given the circumstances.”
