The new quarterly GDP figures this morning reveal that EU economies are experiencing a significant slowdown in growth. The UK on the other hand is one of the few EU countries where GDP growth is higher this year than last year’s admittedly anaemic performance. It is still a staggering outcome compared to previously gloomy official forecasts.
The Bank of England is warning that the UK economy is nearing full capacity and it may have to raise interest rates. So much for the post-referendum immediate economic aftershock we were warned about.
France’s growth rate has halved on last year’s Q3 numbers, and German growth is also expected to halve from 0.8% last year to just 0.4%. On average Eurozone growth was a dismal 0.2%, a new four year low. The rest of the world is experiencing much stronger growth.
Incidentally, these figures would put the UK above all other EU countries in the G7 in terms of GDP growth quarter-on-quarter. Remainers will have to get a new catchphrase …