Thursday, October 27, 2016

UK economy grows in spite of Brexit vote – FAZ – Frankfurter Allgemeine Zeitung

Britain’s economy has performed well immediately after the Brexit Referendum in the summer, better than expected. In the third quarter, economic performance increased in comparison to the spring by 0.5 percent. Economists had expected an average growth of only 0.3 percent. In the year-on-year comparison, the British gross domestic product expanded by 2.3 per cent.

Marcus Theurer author: Marcus Theurer, economic correspondent, based in London.

“There are few indications that the Brexit vote had an immediate impact,” said the statistics Agency. For 2017, many experts expect, however, to continue with a strong economic downturn, due to the upcoming withdrawal from the EU. On Thursday, Figures released are the first official growth estimate for the time since the Referendum on may 23. June. Often, these data will be corrected in retrospect.

“The Figures show that the UK economy is resilient,” said Britain’s Finance Minister Philip Hammond. The robust growth is in contrast to the predictions of many Economists, who had warned before the Referendum, the UK threatened in the case of the EU-exit in a faster and hard economic downturn. Instead, it now looks as if the economic growth on the island is currently higher than in Germany, France and the United States.

the break-in 2017?

“Our original pessimism was premature,” admitted Liz Martin, analyst, British Bank, HSBC,. The rapid formation of a new government after the referendum, and the firm’s crisis management of the Bank of England have helped to stabilize the economy. The Central bankers had taken care of the day after the Referendum with the provision of a large banks-Liquidity injection for peace of mind.

she was not Needed in the end. In August, she is half the key interest rate to 0.25 percent. After the good growth figures, analysts believe a further cut in November is unlikely. Also, the pressure on the Minister of Finance Hammond, quickly a large economic stimulus program due to drops.

Many experts doubt, however, that the economic stability will be a long night: they are predicting for 2017 a growth slump. The International monetary Fund expects a decline of 1.8 percent this year to 1.1 percent next. The OECD is forecasting a similarly strong downturn. Economists see two particular difficulties due to the Brexit:

Nissan warranties gets and remains

first, the strong decline in the value of the pound will weaken consumer demand, because it increases the price of imported goods. Analysts expect that the inflation rate in 2017 will triple to around 3 percent, tripled. As the second major risk factor for professionals to see the business investment. Surveys suggest that many British companies put investments on hold because of the Brexit could create new trade barriers between the UK and continental Europe.

was Even more important on Thursday a message from the car industry: The French-Japanese group Renault-Nissan announced plans to build two new models in its factory in the North of England Sunderland, the biggest car factory on the island. The manufacturer had previously requested of the government in London guarantees that he be compensated for any disadvantages in Trading by the Brexit from the state.


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