Friday, December 8, 2023

UK economic growth in 2019 beats expectations

A file photo dated 01 February 2013 shows London's financial district Canary Wharf pictured from the top of The Shard in London, Britain. The BBC said in a report on 31 October 2017 that the Bank of England is expecting up to some 75,000 finance industry jobs could be lost during the years that follow Britain's expected departure from the European Union. BBC?s economics editor Kamal Ahmed wrote that the Bank of England may be using the figure as a 'reasonable scenario', especially if EU and UK would not be able to reach a deal on financial services.

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Newly released figures from the Office for National Statistics show that the UK economy grew in December.UK GDP grew 0.3% in December, despite expectations for growth of 0.2%. Annual GDP for the fourth quarter was at 1.1% which is better than the expected 0.8%. Quarterly data showed the economy stagnated at 0% in the final quarter of 2019.
“December saw a stronger than expected 0.3% bounce in GDP, recovering the ground lost in November. In the fourth quarter as a whole, this was enough to keep output flat, although the underlying trend was still for a loss of momentum in the autumn after a stronger performance in the summer. We would expect a revival in growth in the first quarter of 2020 based on improved business and consumer confidence and a stronger housing market”, an expert said, adding that:
“UK growth could pick up further later in the year if the global economy stabilises and progress is made on a trade deal with the EU, while the Budget provides a further boost to the economy through increased public investment. But there are still many uncertainties out there relating to Brexit, the coronavirus and global trade, so we would expect the Bank of England to keep their options open on interest rates until a clearer picture emerges”.

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