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Free AccessUK July GDP Growth At 0.2% 3M/m vs June 0.3%: NIESR
LONDON (MNI) - UK growth slowed to 0.2% in the three months through July,
down from 0.3% in the three months through June, according to the National
Institute of Economic and Social Research.
Amit Kara, Head of UK Macroeconomic Forecasting at NIESR, said "We estimate
that economic growth decelerated to 0.2 per cent in the three months to July,
compared with 0.3 per cent in the second quarter of 2017. The service sector,
which was the main driver for economic growth in the second quarter, appears to
have slowed. We see a modest recovery in the second half of this year in
response to strengthening global growth and a weaker currency, but on the flip
side, consumer spending is likely to be weighed down by weak wage growth and
investment spending held back by Brexit-related uncertainty.."
"Further out, we see quarterly economic growth strengthen somewhat to
0.4-0.5 per cent as the economy rebalances away from domestic demand and towards
net trade. Economic growth however, remains below its long-run average growth
rate of 0.6 per cent because of subdued productivity growth," he added.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.