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Tech Sector Helps Drive GDP Growth Post-Brexit

Tech Sector Helps Drive GDP Growth Post-Brexit

Figures from the Office of National Statistics (ONS) show that the UK economy has grown by 0.5% since Brexit, with help from technology.

The growth is slightly lower than 0.7% in the previous quarter but higher than economists predicted.The ONS said that growth was “primarily driven by the motion picture, video and TV programme production, sound recording and music publishing activities and computer programming industries.” 

According to the ONS the quarter has also seen the fastest growth in transport, storage and communication industries since the fourth quarter of 2009.

Chief economist at the ONS said there is so far “little evidence of a pronounced effect in the immediate aftermath of the Brexit vote”.

Chancellor Philip Hammond said the figures show that the UK economy is “resilient” and “well placed” to deal with the challenges, and take advantage of the opportunity ahead.

Earlier in October Hammond announced a £220m investment to boost technology projects as part of a push to “”future-proof” the post-Brexit economy.

The UK technology sector has grown substantially over the last five years from £120bn in 2010 to £180bn in 2015.

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