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Financial News: UK Economy Expands At Muted Rate In Q3:

UK Economy Expands At Muted Rate In Q3: BCC

10/13/2017 - 07:52:00 (RTTNews)

(RTTNews) - The UK economy expanded at a muted rate in the third quarter despite improvements in manufacturing activity, quarterly economic survey from the British Chambers of Commerce showed Friday.

In the manufacturing sector, the balance of firms reporting increased export sales rose to +29 from +27 and export orders to +24, the highest level since the start of 2015, from +20.

The balance of firms reporting improved domestic sales increased to +24 from +20, and orders to +21, also the highest level since the first quarter of 2015, from +15.

In services, exports remained fairly flat, with the balance reporting improved export sales at +14, up from +13 in the previous quarter, while orders fell to +8 from +9. The balance reporting improved domestic sales and orders both remained the same.

The percentage of manufacturing firms expecting the price of their goods to increase over the next three months climbed slightly to +35 from +34.

At the same time, the balance of services firms expecting the price of their goods to increase over the next three months remained unchanged at +28, which was above the historical average.

"The uninspiring results we see in our third quarter findings reflect the fact that political uncertainty, currency fluctuations and the vagaries of the Brexit process are continuing to weigh on business growth prospects," Adam Marshall, director general of the BCC, said.

Now is the time to take bold action, and create the conditions to help the economy rebound from a period of anaemic growth, Marshall added.

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