Tuesday, 17 September 2019
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U.K. Recession Threat Recedes as Economy Posts Solid July Growth
Monday, 9 September 2019 15:57 WIB | ECONOMY |Ekonomi inggris

The U.K. economy grew at its fastest pace in six months in July, an unexpectedly strong performance that will allay fears Britain was facing a possible pre-Brexit recession.

Gross domestic product rose 0.3% from June, the Office for National Statistics said Monday. Economists had predicted growth of just 0.1%. It left output unchanged over the latest three months.

The economy recorded growth across the board in July, with the dominant services expanding 0.3% -- its best month this year. All else being equal, GDP will grow 0.4% in the third quarter even if output remains unchanged in August and September, avoiding a second straight quarter of contraction.

Construction output rose 0.5%; manufacturing grew 0.3% despite a stagnant month for auto output, and total industrial production gained 0.1%. GDP was 1% higher compared with July 2018.

Source : Bloomberg

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