UK economy speeds up a bit, as BoE’s rate decision will be soon

UK economy speeds up a bit, as BoE’s rate decision will be soon

In May, the British economy managed to accelerate having speeded down in the beginning of this year, as follows from official data. Apparently, it gives the BoE more grounds to have its rates lifted already in August.  

A fresh monthly result of GDP disclosed that in May the world's number five economy tacked on by 0.3% from April.

It was up from April’s surge of 0.2% and also in line with the prediction in a Reuters survey of market experts, thus marking the strongest surge since November. That’s what the Office for National Statistics informed on Tuesday.

The British pound headed south versus the evergreen buck after the report, demonstrating a mixed picture of the UK economy. Surge showed up generally from the dominant services sector. As for factory output, it turned out to be dismal.

BoE Governor Mark Carney as well as other top statesmen of Britain’s key financial institution opted not to have rates lifted in May due to the early 2018 deceleration.

Instead, they made up their mind to wait for indications that the weakness happened to be temporary and provoked by unusually cold winter weather rather than an indication of broader issues before the UK’s exit from the European bloc in 2019.

The British economy managed to rally by 0.2% for the three months to May, exactly as anticipated, having stagnated for the three months to April.

The economy soared by 1.5% in annual terms in contrast with May 2017.

Meanwhile, in May, the country’s services industry managed to jump by 0.3% month-on-month, speeding down from an upwardly updated 0.4% in April.

For the three months to May, surge in UK services, making up about 80% of the country’s economic output, speeded up to 0.4% from 0.2%.

 

Similar

American retail sales surge

In July, American retail sales jumped more than anticipated because households spurred purchases of cars and clothing, hinting that the American economy was still firm early in the third quarter…

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera