Brexit stockpiling and consumer spending boost UK economy.

Lovespace warehouse worker Pawel Mazur unloads boxes
from a trolley to place them into their allocated zones at the
warehouse in Dunstable, England. Photo: AP Photo/Alastair Grant

The UK’s economic growth accelerated at the start of the year, according to new data.

GDP grew by 0.5% in the first quarter of 2019, an initial estimate from the Office for National Statistics (ONS) published on Friday showed. The figure was in-line with economists’ consensus forecast for quarter-on-quarter growth and marks an acceleration from the 0.2% GDP growth registered in the final three months of 2018.

Economic growth was boosted by strong consumer spending and manufacturing activity, which likely reflected stockpiling in preparation for Brexit. During the period measured, businesses thought the UK would leave the EU on 29 March and there was a real threat of the UK crashing out in a no-deal Brexit.

By Oscar Williams-Grut.

Full story at Yahoo News.