UK Growth Rate Unchanged
World Economy

UK Growth Rate Unchanged

UK economic growth during the second quarter of the year was unchanged at 0.7%, official figures have confirmed.
That figure was up from 0.4% in the first quarter and means GDP increased by 2.6% over the last year as expected, NewsNow reported.
Looking more closely, household spending was up by 0.7%. That is down on the 0.9% seen in the first quarter, but still represents 16 consecutive quarters of growth as consumers continue to ring the tills.
Exports provided a welcome boost, rising 3.9% between April and June, up notably from 0.4% in the previous quarter.
Similarly, business investment jumped 2.9% in the second quarter to reach its highest point in a year, beating the 2% gain seen in the previous quarter.
Commenting on the figures, British Chambers of Commerce chief economist David Kern said: “Although the headline figure of quarterly growth of 0.7% is unrevised from the old estimate, the new details published today are positive and very welcome. We saw strong growth in business investment and a large reduction in our trade deficit.
“While the figures point to some rebalancing in the economy towards investment and exports, it is much too early to be satisfied with where we are, particularly on the trade figures.
“Our current account deficit, which as well as trade includes items such as investment income, remains unacceptably large–at about 6% of GDP. In spite of today’s figures, longer term trends suggest that we are still not making sufficient progress towards rebalancing our economy.
“Further measures are needed to sustain growth and boost exports, and the volatile international situation supports our view that it will be too risky to contemplate early interest rate increases.”

Short URL : https://goo.gl/xNkyGD
  1. https://goo.gl/FPSv0W
  • https://goo.gl/oLufTx
  • https://goo.gl/CN4rrQ
  • https://goo.gl/zxFN1y
  • https://goo.gl/QMkgqC

You can also read ...

More and more Thai merchants are integrating WeChat Pay and Alipay’s systems to cater to tourists.
The internet has changed the way most people live. Through...
Cambodia’s economic outlook remains positive, but is subject to downside risks.
The IMF Managing Director Christine Lagarde expressed optimism...
Qatar Calls to Investigate UAE Bank’s Bogus Deals
Qatar has asked US regulators to investigate the US subsidiary...
More India Bank Frauds Revealed
Over 25,800 fraud cases involving about Rs179 crore ($1.79...
Free trade achieves more good for the planet.
US President Donald Trump’s steel tariffs have brought the...
Morocco Currency Reform on Right Track
Few weeks after the launch of the gradual dirham float, the...
EU Readies Tax on US Technological Titans
The European Union will next week unveil plans for a digital...
Apparel imports from ASEAN are growing, spurred by low labor costs  in such countries as Vietnam.
Import prices for apparel and daily goods in Japan plunged...