Economic highlights

• The first estimate of GDP for Q2 2016 showed that the economy grew by 0.6% during the quarter; following 0.4% growth in Q1. Representing the fourteenth consecutive quarter of growth. Service sector output increased by 0.5% and production increased by 2.1%. In contrast, construction declined by 0.4%.
• The Consumer Prices Index (CPI) increased by 0.5% in the year to June, up from 0.3% in May. Going forward CPI is expected to increase at a greater rate than it otherwise would have done, given the sharp decline in sterling following the UK’s vote to leave the EU.
• The latest employment statistics for the three months to May 2016 showed an increase in employment of 176,000 when compared against the three months to February 2016. Unemployment decreased by 54,000 to 1.65 million, resulting in a fall in the unemployment rate to 4.9%

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