United Kingdom economy warms up a touch, Brexit hurdles ahead
United Kingdom economy warms up a touch, Brexit hurdles ahead
12 August, 2018, 14:33
United Kingdom gross domestic product in the period from April to June grew 0.4% more than the first three months of 2018, which was in line with the Bank of England's prediction and the average forecasts of economists, picking up from the disappointing 0.2% growth in the first quarter. Britain's economy slowed after the decision to leave the European Union and is expected to continue to expand at a weaker pace than most other developed economies as the March 2019 Brexit date approaches.
Britain's economy bounced back in the second quarter after the Beast from the East cold snap nearly brought growth to a standstill. Net trade was the biggest drag on the economy since the third quarter of 2016.
The Office for National Statistics said that UK GDP was 1.3% higher compared to the second quarter past year, also as anticipated, up from 1.2% annual growth in the first quarter.
"Abstracting from these quarterly movements, the underlying trend in real GDP is one of slowing growth", the ONS warned. "However, manufacturing continued to fall back from its high point at the end of a year ago and underlying growth remained modest by historical standards", ONS statistician Rob Kent-Smith said. Meanwhile, production dropped 0.8 percent.
The ONS also said that the economy grew by 0.1 per cent in June, down from a more robust 0.3 per cent in the previous month. More recently, wages have risen more quickly than inflation but there have been signs that household finances remain stretched.
The United Kingdom outperformed the Eurozone, which grew by 0.3 percent last quarter. This was driven by a 0.9% fall in manufacturing and a 2.7% fall in energy supply, while mining and quarrying, and waste management production both rose by 0.7% and 1.9% respectively.
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