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The UK economy unexpectedly shrank for the first time since 2012

The RSS feed "News line of Forex" 09.08.2019 at 13:31

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The UK Economy unexpectedly shrank in the second quarter for the first time in more than six years, reinforcing fears of a recession even before the country's withdrawal from the EU, which was to be held on October 31. p>

Gross domestic product fell 0.2 percent quarter-over-quarter, fully reversing growth of 0.5 percent in the first quarter, according to first estimate the office for national statistics showed Friday. It is projected that GDP will remain unchanged. P>

the Bank of England also predicted zero growth in the second quarter. p>

on an annual basis, the economy grew at a slower pace of 1.2 percent after rising 1.8 percent in the first quarter. Separately by sector, the production services sector provided the only positive contribution to GDP growth. However, the volume of services grew by only 0.1% QoQ, and this is the weakest figure in three years. R>

the Manufacturing sector declined 1.4 percent, the biggest decline since the end of 2012. This is due to the reduction in production by 2.3 per cent, reflecting weak car production. R>

Mining decreased by 0.4% due to planned maintenance of a number of oil and gas fields. R>

similarly, the volume of construction works decreased by 1.3 percent due to the reduction in volume of repair and maintenance. p>

the Expenditure side of GDP showed that government spending rose 0.7 percent, while household consumption increased by 0.5 percent. R>

meanwhile, gross fixed capital formation decreased 1 percent, as business investment fell by 0.5 per cent amid increased economic uncertainty. Total trade deficit decreased by 16.0 billion pounds to 4.3 billion pounds in the second quarter mainly due to the reduction in imports. P>

the Visible trade deficit decreased by 16.6 billion pounds to 30.4 billion pounds, while the positive balance of services decreased by 0.6 billion pounds to 26.2 billion pounds. p>

Noticeable consumer spending suggests that it is possible to avoid a technical recession, but the potential for further reduction in business investment is still a concern, says ING economist James Smith. The key point is that due to inventory and trade GDP of the first quarter look better than it was, due to the same factors of the GDP of the second quarter looked worse, said economist at Capital Economics Thomas Pugh. P>

the Expert believes that the economy can grow in the third quarter. This will mean that the UK economy will avoid recession. But then what will turn the situation in the fourth quarter, depends entirely on whether the deal was concluded on leaving the EU or not, he added. P>

In June, the GDP remained at the same level month-on-month, as in may, increasing by 0.2 percent. Economists had forecast growth of 0.1 percent. R>

Total production decreased by 0.1 percent month-on-month, while manufacturing production decreased by 0.2 percent. Meanwhile, the volume of services increased by 0.1 percent. P>