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UK GDP Down in Q1 Amid Lockdown

MNI (London)
By Jamie Satchi and Laurie Laird
     LONDON (MNI) - The following are the key points from the ONS' public sector
finances data published Friday by the Office for National Statistics.
     --GDP growth was confirmed at a moderate 0.4% clip in the first quarter,
although the economy expanded by a downwardly-revised 0.1% in Q1, the slowest
pace since the fourth quarter of 2012.
     --A precipitous downward revision in business investment suggests that
resilience since the Brexit vote may be fading. Investment fell by 0.7%, the
second straight decline, reversing the previously-reported 0.5% gain.
     --Household consumption rose by 0.4%, slightly better than the
initially-reported 0.3%, despite an increase in the savings ratio to 3.9% from
3.6%. However households borrowed a collective stg7.2bn on the capital account,
the seventh straight quarter of borrowing, the longest since records began in
1987.
     --Ongoing weakness in the manufacturing sector was confirmed, with output
down for the second straight quarter. Growth followed up Q1's 0.1% drop with a
bulkier 0.7% decline in Q2.
     --Finally, the current account deficit widened to stg20.3bn in Q2 -- which
is the biggest deficit since Q2 2017 -- reversing all of the Q1 improvement. A
rise in the trade in goods deficit, largely on erratic items, and the primary
income deficit were accountable.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,MAUDR$,MAUDS$,M$B$$$,M$E$$$,M$U$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com