UK first-quarter GDP growth confirmed at 0.4%

The final release of first-quarter UK gross domestic product from the Office for National Statistics confirmed growth at 0.4%, in line with expectations.

Growth on the year was confirmed at 2%, also in line with expectations.

ONS chief economist Joe Grice said: “There is very little evidence of a 'referendum effect' in the data, though the vote was not called until more than half-way through the quarter.”

Dennis de Jong, managing director of UFX.com, said: “Despite Brexit fears looming over the UK economy throughout June, GDP figures for the month look pretty solid. Now that the UK has voted to leave the European Union, however, uncertainty is rife and Q2’s figures will go further in gauging the health of the economy.

“The days, weeks and even months of negotiating ahead will be very important for the UK. With every aspect of its relationship with Europe now up in the air, it could take some time before we fully understand the impact of Brexit.