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Financial News: UK Economy Logs Continued Subdued Growth: NIESR

UK Economy Logs Continued Subdued Growth: NIESR

07/07/2017 - 09:07:00 (RTTNews)

(RTTNews) - UK economy grew at a subdued pace in the three months to June and at the same pace as in the previous month, though a services growth offset a contraction in factory output, the National Institute of Economic and Social Research said Friday.

Economic output grew 0.3 percent in the three months to June, same as in the May quarter, the think tank said. The economy continues to grow below its long run trend of 0.6 percent, the NIESR added.

The NIESR estimated that the UK economy expanded 0.3 percent in the second quarter.

"Growth in services has offset a contraction in industrial output, yet remains subdued when compared with last year," NIESR Research Fellow Rebecca Piggott said.

"The saving ratio reached an historic low of 1.7 per cent in the first quarter of this year, implying that, so far, households have reduced their saving to cushion the effect of falling real incomes on consumption as inflation rises".

In May, the institute forecast 1.7 percent growth for this year and 1.9 percent for next year.

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