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Financial News: UK's Economic Growth Remains Subdued In Q1: BCC

UK's Economic Growth Remains Subdued In Q1: BCC

04/12/2018 - 05:07:00 (RTTNews)

(RTTNews) - UK economic growth remained subdued in the first quarter despite a strong export performance, according to the latest Quarterly Economic Survey from the British Chambers of Commerce.

In the service sector, the balance of firms reporting improved export sales rose slightly to +13 from +12 and orders to +10 from +7. Domestic sales held steady at +20, while domestic orders rose to +16 from +14.

The balance of services firms expecting prices to increase, fell to +31 percent from +36 percent.

In manufacturing, the balance of firms reporting increased domestic sales fell to +17, the lowest since the fourth quarter of 2016, from +23. Meanwhile, domestic orders fell to +16 from +18.

The balance of firms reporting increased export sales rose to +30 from +25. Export orders also rose to +28 from +20. Both balances are at their highest since the second quarter of 2014.

Adam Marshall, Director General of the BCC said, "What growth we see in the UK economy is due principally to strong global trading conditions, rather than domestic demand, which remains muted."

"It's time for the UK government to multitask and demonstrate that it can do more than negotiate Brexit," Marshall said.

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