FOREX TradingCharts.com

Financial News: UK GDP Growth Near 1-Year High

UK GDP Growth Near 1-Year High

09/10/2018 - 08:31:00 (RTTNews)

(RTTNews) - The UK economy expanded at the fastest pace in almost a year in July as warm weather boosted retail sales amid a recovery in construction.

Gross domestic product grew 0.6 percent in three months to July, the fastest since August 2017, data from the Office for National Statistics revealed Monday. The rate was faster than the expected 0.5 percent and 0.4 percent posted in the second quarter.

"Services grew particularly strongly, with retail sales performing well, boosted by warm weather and the World Cup," Head of GDP Rob Kent-Smith, said. "The construction sector also bounced back after a weak start to the year."

Kent-Smith said the dominant service sector again led economic growth in the month of July with engineers, accountants and lawyers all enjoying a busy period, backed up by growth in construction, which hit another record high level.

In July, GDP advanced 0.3 percent month-on-month, faster than the 0.1 percent rise in June.

ONS said industrial output climbed by less-than-expected 0.1 percent in July from June due primarily to a rise in mining and quarrying of 3.3 percent. Oil and gas extraction returned to production, following planned maintenance in June.

Meanwhile, manufacturing output contracted 0.2 percent, reversing a 0.4 percent rise in June. Economists had forecast both industrial and manufacturing output to gain 0.2 percent each in July.

On a yearly basis, growth in industrial production eased to 0.9 percent from 1.1 percent in June. Likewise, manufacturing output growth slowed to 1.1 percent from 1.5 percent.

In three months to July, services output grew 0.6 percent compared to three months to April, the largest growth since three months to January 2017.

In a separate communiqué, the ONS said construction output continued to recover following a relatively weak start to the year, increasing by 3.3 percent in the three months to July.

The UK visible trade deficit narrowed to a 5-month low in July, ONS data showed. The deficit on trade in goods fell to GBP 9.97 billion from GBP 10.68 billion in June. At the same time, the surplus on services increased to GBP 9.8 billion from GBP 9.7 billion a month ago. As a result, the total trade showed a negative balance of GBP 111 million compared to -GBP 942 million in June.

The total UK trade deficit narrowed GBP 1.4 billion to GBP 3.4 billion in the three months to July.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Iceland Wage Growth Slows In August (50 min(s), 40 sec(s) ago)
(RTTNews) - Iceland's wage growth eased in August after accelerating in the previous month, fi ...Full Story»

Iceland Wage Growth Slows In August (50 min(s), 40 sec(s) ago)
(RTTNews) - Iceland's wage growth eased in August after accelerating in the previous month, fi ...Full Story»

Amended: Lithuania Industrial Production Climbs In August (48 min(s), 40 sec(s) ago)
(RTTNews) - Corrects Month Lithuania's industrial production expanded in August, driven b ...Full Story»

UK Budget Deficit Widens As Govt Spending Rises (44 min(s), 40 sec(s) ago)
(RTTNews) - The UK budget deficit increased in August on higher expenditure amid subdued income gr ...Full Story»

Eurozone Private Sector Growth Weakens On Manufacturing (01 min(s), 40 sec(s) ago)
(RTTNews) - Eurozone private sector grew at the second-weakest pace since late-2016 as manufacturi ...Full Story»

Lithuania Industrial Production Climbs In July (47 min(s), 40 sec(s) ago)
(RTTNews) - Lithuania's industrial production expanded in July, driven by manufacturing sector ...Full Story»

Slovenia Output Price Inflation Accelerates Slightly (20 min(s), 40 sec(s) ago)
(RTTNews) - Slovenia's output price inflation accelerated marginally in August, after remainin ...Full Story»

Ireland Output Prices Continue To Fall In August (02 min(s), 40 sec(s) ago)
(RTTNews) - Ireland's factory gate prices decreased for the sixth successive month in August, ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Iceland Wage Growth Slows In August

09/21/2018 - 08:46 AM (RTTNews)
(RTTNews) - Iceland's wage growth eased in August after accelerating in the previous month, fi ...Full Story>>

Iceland Wage Growth Slows In August

09/21/2018 - 08:46 AM (RTTNews)
(RTTNews) - Iceland's wage growth eased in August after accelerating in the previous month, fi ...Full Story>>

Amended: Lithuania Industrial Production Climbs In August

09/21/2018 - 08:44 AM (RTTNews)
(RTTNews) - Corrects Month Lithuania's industrial production expanded in August, driven b ...Full Story>>

UK Budget Deficit Widens As Govt Spending Rises

09/21/2018 - 08:40 AM (RTTNews)
(RTTNews) - The UK budget deficit increased in August on higher expenditure amid subdued income gr ...Full Story>>

Eurozone Private Sector Growth Weakens On Manufacturing

09/21/2018 - 07:57 AM (RTTNews)
(RTTNews) - Eurozone private sector grew at the second-weakest pace since late-2016 as manufacturi ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.