Two years after Brexit vote, these charts show the U.K. economy losing momentum

Remember the market-shaking Brexit vote?

This past Saturday marked exactly two years since U.K. voters backed leaving the European Union, with 52% supporting an exit and 48% wanting to remain.

Around the referendums two-year anniversary, analysts are assessing the countrys recent economic softness, which comes after real economic activity had remained relatively solid through mid-2017 to the surprise of many doomsayers.

The analysts are sharing some charts that illustrate how Britain is losing steam.

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The most striking impact of Brexit has been the lower growth momentum seen in the U.K. since the referendum, said Philippe Waechter, chief economist at Ostrum Asset Management, in a note last week.

His chart below compares the recent growth in the U.K.s gross domestic product with France and Germanys performance.

I have calculated a trend on the real GDP level from the beginning of the recovery in 2013 to the second quarter of 2016 (referendum) and extended it to the first quarter of 2018, wrote Waechter, whose shop is part of Natixis Global Asset Managements operation.

In the first quarter of 2018, French GDP is 1.8% above its trend, Germany is +1% and the euro area +1.4% while the U.K. is 2% below it.

Natixis/Philippe Waechter

Meanwhile, Pantheon Macroeconomics Chief Economist Ian Shepherdson has tweeted the chart below that shows the U.K.s expansion lagging the U.S. and the eurozones growth.

See: Why a queen of British VCs doesnt see a Brexit threat to Londons fintech crown

Pantheon Macroeconomics/Ian Shepherdson

If thats a Brexit dividend, finance theory needs a bit of a rethink, Shepherdson tweeted, in an apparent reference to the recent furor around a possible Brexit dividend for the countrys National Health Service.

U.K. Prime Minister Theresa May has said there will be money that the country no longer sends to the EU that can go to the NHS, echoing a popular talking point among Brexiteers, but critics have maintained that talk about a Brexit dividend is misleading.

Many strategists have advised that investors steer clear of British stocks
EWU, +1.65%
given the uncertainties around Brexit, though others have said the countrys FTSE 1

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