Maybe. This does not mean, though, that we're out of the woods. Quite the opposite. Whether we're in or out of the EU says John Llewellyn of Llewellyn Consulting, "Britain faces a period of economic and political turmoil". This is because, underneath the referendum hoo-ha, we face many longstanding economic problems. Among these are:
■ A reluctance to invest. Even last year (before the latest dip in capital spending) business investment accounted for less than 10 per cent of GDP. That compares with over 13 per cent in the late 1990s.
■ Stagnant productivity growth. Output per worker-hour is lower now than it was at the end of 2007.
■ Inadequate infrastructure and education. Adam Marshall, the acting director-general of the British Chambers of Commerce, points to school-leavers being unprepared for work, poor broadband access and the failure to develop airport capacity and complains: "There are some big, longstanding structural problems in the British economy that are homegrown - and have been kicked into the long grass while our politicians focus on Brussels."
■ Weak world trade growth. Figures from the CPB show that world trade volumes fell by 1.7 per cent in the first quarter. This means that in the last five years world trade has grown by just 1.6 per cent per year, compared with annual growth of 6.8 per cent in the 15 years to 2007. This matters, because one of the few good things to emerge from the Brexit debate has been an awareness of the importance of trade multipliers - the fact that trade growth boosts economic growth by facilitating the division of labour and spurring efficiency improvements. Less trade growth thus means slower productivity growth.
These (interrelated) problems all point to the same thing - that the UK faces slow long-term economic growth. This is nasty enough. But it's exacerbated by two other things.
First, there are of course some downside risks to growth overlaid upon this low long-term trend. Mr Llewellyn says the eurozone debt crisis "could all too easily flare up again", and it's possible that China's transition to slower average growth will continue to cause trouble for western economies. These risks matter, because conventional macroeconomic policy is not up to the job of stabilising output, should we be hit by unpleasant surprises; further quantitative easing would be of doubtful value, because high bond yields are one problem we don't have; and the government shows little appetite for loosening fiscal policy.
Secondly, the UK has a record current account deficit, of 7 per cent of GDP. This does not mean that we are dependent upon the "kindness of strangers" as Mark Carney has claimed: nobody invests in the UK out of the goodness of their heart. But it does mean we need big capital inflows. Anything that jeopardises such inflows - such as increased risk aversion or fears about economic growth - would depress sterling (thus increasing inflation) and the price of risky assets and hence borrowing costs for many companies. The external deficit isn't yet a constraint upon growth, but it could easily become one.
In or out of the EU, therefore, we face some nasty problems. And the EU referendum has taught us that much our political class lacks the will or ability to address them.