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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: email@example.com