UK GDP forecasts slide to 0.1% as services enter ‘dark tunnel’
Brexit stockpiling provides some respite in fourth quarter PMIs
Brexit stockpiling provides some respite in fourth quarter PMIs
Beer and barbecues help Q2 GDP growth play catch-up from a disappointing Q1
Services have bolstered UK GDP growth less than a week after Prime Minister Theresa May outlines plans to pursue a Brexit trading relationship with the European Union focused on goods.
Below-consensus UK GDP growth of 0.1% has caught the City off guard and thrown bullish predictions from the likes of Neil Woodford and Richard Buxton into question.
The UK economy exceeded forecasts as the gross domestic product (GDP) grew 0.5% in the last quarter of 2017, up from 0.4% in the third quarter.
The UK economy grew 0.4% between July and September this year according to the latest figures from the Office for National Statistics, but year-on-year quarterly GDP growth fell to its lowest rate in four years.
The pace of UK economic growth beat expectations in the third quarter of the year, further increasing the chance of an interest rate rise next week.
The performance of net trade since sterling’s depreciation remains the worst in UK history Pantheon Economics has warned.
Household spending and business investment in the UK remained under pressure during the second quarter, igniting concerns over the economy’s slowdown.
UK GDP grew by just 0.3% in the second quarter signalling a “notable slowdown” in the domestic economy, according to the Office for National Statistics.
In this industry, we are spoon-fed statistics every day of the week – latest numbers on factory orders, investor confidence, retail sales, global growth, inflation, unemployment, PMI – the list goes on.
Although Sainsbury’s acquisition of Argos parent company, Home Retail Group, helped curb the negative effects of weaker sterling and inflation, the group is bracing itself for a slowdown and a hit to retail sales.