The first round of official post-Brexit data is out and the verdict is clear: The EU referendum isn’t destroying the U.K. economy as some people had feared, dispelling concerns Britain is heading for a recession.

The trio of data out this week — inflation, jobless claims and retail sales — all beat expectations and painted a picture of a country that’s shaking off the immediate concerns over leaving the European Union. The reports were all for July, covering the first full month after the referendum and offering an early insight into the real impact on the economy.

“Brexit is certainly not Britain’s Lehman moment. It seems to be a confidence shock, so far, that will hit investment and lead to slower consumption growth, but there’s no convincing evidence when looking at all of the data — both hard and soft — for the period after that the economy is heading for a disastrous Q3,” said Kallum Pickering, economist at Berenberg.

“We should take an optimistic tone that the U.K. will avoid a recession in the second half of the year,” he added.

In the weeks after the June 23 referendum, economists were quick to downgrade their GDP forecasts for the U.K., with several big investment banks forecasting a recession later this year or in early 2017.

The Bank of England also warned of slower growth and higher unemployment, prompting Governor Mark Carney & Co. to launch an aggressive easing package in early August. The bank cut its key interest rate to a record low of 0.25%, restarted its QE program, launched corporate bond buys and offered ultracheap loans to banks.

The stimulus measures came after initial data sets pointed to a sharp slowdown in the economy and a significant hit to consumer confidence. Particularly raising the alarm were the purchasing managers indexes for July that showed a “dramatic downturn” after the Brexit vote, with the services sector contracting at the fastest pace since 2009.

Bank of England relief

However, with the first official, hard data out this week, economists aren’t as downbeat in their assessment anymore. The retail sales specifically were seen as providing evidence the U.K. is holding up after the vote, jumping 1.4% in July compared with June. Economists had expected a 0.2% rise.

Inflation data out on Tuesday showed consumer prices rose 0.6% in July, better than the 0.5% forecasts. Additionally, jobless claims numbers out on Wednesday unexpectedly showed 8,600 fewer people filed for unemployment benefits in July.

“The strong figures will raise questions as to the whether the [BOE was] too hasty to act in cutting rates and easing with retail sales robust without such extreme measures,” said Ana Thaker, market economist at PhillipCapital UK, in a note.

“This will no doubt be a relief for the bank who only have a 25 basis-point rate cut left in their armor with hopes that it will not have to be deployed soon,” she added.