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Financial News: UK Economy Stagnates In April

UK Economy Stagnates In April

06/12/2024 - 02:35:00 (RTTNews)

(RTTNews) - The UK economy stagnated in April as growth in services output was offset by falls in both production and construction output, the Office for National Statistics said Wednesday.

Gross domestic product remained flat on month, as expected, after expanding 0.4 percent in March.

On the production-side, services output was up 0.2 percent, marking the fourth consecutive expansion.

On the other hand, industrial output fell by more-than-expected 0.9 percent on month, following a growth of 0.2 percent in March. Output was forecast to fall marginally by 0.1 percent.

The fall was driven by the 1.4 percent decrease in manufacturing output.

At the same time, construction output dropped 1.4 percent, confounding expectations of 0.1 percent rise. This was the third consecutive monthly fall. In the three months to April, real GDP advanced 0.7 percent from the preceding three months.

Another data from the ONS showed that the visible trade gap widened to GBP 19.6 billion in April from GBP 13.9 billion a month ago. The expected shortfall was -GBP 14.2 billion.

The surplus on trade in services was almost unchanged at GBP 12.86 billion. Consequently, the total trade gap increased to GBP 6.75 billion from GBP 1.1 billion in March.

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