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Free AccessMNI China Daily Summary: Monday, March 27
MNI BRIEF: Hong Kong Exports Down 8.8% In February
MNI BRIEF: UK Economy Bounces Back from Weak September
The UK economy grew 0.5% m/m in October, recovering from the sharp 0.6% fall in September when growth was impacted by an extra national bank holiday to mark the funeral of Queen Elizabeth II. The October snap-back leaves the economy 0.4% higher on a month-to-month reading than February 2020, the month marked as the last 'pre-pandemic, the Office for National Statistics said Monday.
The data will offer little new to the Bank of England, who although forecasting weaker GDP in Q4, were expecting a recovery from the weak September reading. For the three months to October, the economy contracted 0.3% when compared to the three months to July. The Bank meets this week to discuss rate policy and is expected to increase the Bank Rate by 50 bps to 3.5%
The service sector recovered 0.6% m/m, having been the most adversely impacted sector in September, declining 0.8% m/m. Manufacturing helped drive some of the recovery, helped in part by an easier supply of microchips for the automobile sector.
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