Economic Highlights

• The final estimate of GDP for the second quarter of 2016 reported that the economy grew by 0.7%, revised up from the previous 0.6%. According to the average of independent forecasters’ views compiled by HM Treasury for October, UK GDP growth for 2016 is expected to come in at 1.9%, with 2017 seeing a 1% expansion.
• Consumer price inflation rose to 1.0% in the year to September, up from 0.6% in August. This is the largest monthly increase, and the highest CPI has been, in more than two years. Inflation is expected to increase over the coming year as currency hedged contracts expire and the full effects of Sterling devaluation are felt.
• The latest employment statistics for the three months to August 2016 showed an increase in employment of 106,000 when compared against the three months to May 2016. Unemployment increased by 10,000 to 1.66 million, with the unemployment rate remaining stable at 4.9%.

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