FOREX TradingCharts.com

Financial News: UK Q2 GDP To Fall 0.4% In Q2:

UK Q2 GDP To Fall 0.4% In Q2: NIESR

06/13/2022 - 11:34:00 (RTTNews)

(RTTNews) - Chances of a UK recession increased with fall in economic output in April and the economy is likely to shrink 0.4 percent in the second quarter amid a similar size fall in the services output, the National Institute of Economic and Social Research said Monday. Official data released earlier on Monday showed that gross domestic product fell 0.3 percent in the month of April despite strength in private services sectors. In May, NIESR forecast UK growth at 3.5 percent this year. "Strong growth in retail, hospitality and other services suggests that some households may have been able to smooth their consumption in the face of the inflation shock," NIESR Principal Economist Rory Macqueen said. "Manufacturing appears to be suffering as a result of the impact of high petrol and energy, with declines in 8 out of 13 sub-sectors, but April's overall decline was principally driven by the winding-down of the Test and Trace programme, which had made significant positive contributions to GDP over most of the Covid-19 period"

The think tank forecast month-on-month growth to stagnate in May and June. For the whole of the second quarter, the institute predicted a 0.9 percent fall in production output led by a slump in manufacturing. Construction was forecast to grow 0.7 percent. The impact of rising energy prices, particularly on manufacturing, is likely to impede recovery in the coming months, the NIESR said. The institute said strong April growth in retail and hospitality suggested that some households at least were able to use Covid-19 savings to weather the initial inflation shock. Further, the government's latest support package may also help avert a larger and longer-term fall in demand, the NIESR added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Eurozone Investor Confidence Hits 26-Month Low (12 hr(s), 04 min(s), 04 sec(s) ago)
(RTTNews) - Eurozone investor confidence weakened notably to a 26-month low in July, raising fears ...Full Story»

Germany Trade Balance Swings To Deficit; Exports Unexpectedly Fall (13 hr(s), 0 min(s),04 sec(s) ago)
(RTTNews) - Germany's trade balance logged an unexpected deficit in May as trade disruption da ...Full Story»

Spain Unemployment Lowest Since 2008 (14 hr(s), 02 min(s), 04 sec(s) ago)
(RTTNews) - Spain unemployment declined sharply in June to the lowest since October 2008, the labo ...Full Story»

Latvia Industrial Production Grows In May (14 hr(s), 05 min(s), 04 sec(s) ago)
(RTTNews) - Latvia's industrial production advanced in May, primarily driven by robust growth ...Full Story»

Eurocoin Indicator Falls In June (14 hr(s), 29 min(s), 04 sec(s) ago)
(RTTNews) - An indicator reflecting the current economic situation in the euro area fell in June, ...Full Story»

Swiss Inflation At 29-Year High (14 hr(s), 35 min(s), 04 sec(s) ago)
(RTTNews) - Switzerland's consumer price inflation rose to the highest level since 1993, data ...Full Story»

Australia ANZ Job Ads Increase In June (14 hr(s), 57 min(s), 04 sec(s) ago)
(RTTNews) - Australia's job advertisements rose again in June and exceeded the recent pack see ...Full Story»

Eurozone PPI Inflation Eases More Than Forecast (15 hr(s), 0 min(s),04 sec(s) ago)
(RTTNews) - Eurozone producer price inflation slowed more than expected in May, after reaching a n ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Eurozone Investor Confidence Hits 26-Month Low

07/04/2022 - 08:51 AM (RTTNews)
(RTTNews) - Eurozone investor confidence weakened notably to a 26-month low in July, raising fears ...Full Story>>

Germany Trade Balance Swings To Deficit; Exports Unexpectedly Fall

07/04/2022 - 07:55 AM (RTTNews)
(RTTNews) - Germany's trade balance logged an unexpected deficit in May as trade disruption da ...Full Story>>

Spain Unemployment Lowest Since 2008

07/04/2022 - 06:53 AM (RTTNews)
(RTTNews) - Spain unemployment declined sharply in June to the lowest since October 2008, the labo ...Full Story>>

Latvia Industrial Production Grows In May

07/04/2022 - 06:50 AM (RTTNews)
(RTTNews) - Latvia's industrial production advanced in May, primarily driven by robust growth ...Full Story>>

Eurocoin Indicator Falls In June

07/04/2022 - 06:26 AM (RTTNews)
(RTTNews) - An indicator reflecting the current economic situation in the euro area fell in June, ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.