UK revised economy growth

Noam Stiekema

UK economy growth was revised and was determined to 0.7% on quarterly and 2.6% on annual basis. The quarterly data remained unchanged from the previous two estimates while reporting on an annual basis was reduced from previously published growth of 3%. In the production of GDP all sectors recorded growths – manufacturing, construction and services. […]

UK economy

UK economyUK economy growth was revised and was determined to 0.7% on quarterly and 2.6% on annual basis. The quarterly data remained unchanged from the previous two estimates while reporting on an annual basis was reduced from previously published growth of 3%. In the production of GDP all sectors recorded growths – manufacturing, construction and services. Although production has increased by 0.2% in the third quarter compared to last quarter, production in mining and quarrying, including oil and gas, fell by 1.6%. The construction industry has seen a growth of 1.6% and increased by 5.7% compared to the third quarter of last year.

Total consumption expenditure of households increased by 0.9% in the third quarter, taking into account the 13th consecutive quarter of increase. The last time this figure was higher was in the second quarter of 2010. The growth was then 1.1%.

Meanwhile the household spending increased by 2.5% compared to the same quarter of 2013, increasing highly the refinancing mortgages. In a separate message ONS said that business investments plummet from 0.7% to -1.4%, or 600 million GBP. This is mainly due to weak business investment in construction. According to the ONS this was the main reason for the decline in GDP growth on an annual basis. Despite the weak data on a monthly basis the investment business were 5.2% higher compared to the same period of 2013.

In another report published ONS data for index services. The gauge showed growth of 0.8% in the third quarter compared to the April-June All four components recorded growth rates by business and finance contributed 1.6% to the overall rise. Furthermore, ONS said the current deficit account of the UK has reached 27 billion GBP in the third quarter from a revised deficit of 24.3 billion GBP in the second. Expansion of the deficit was mainly due to falling costs because of direct foreign investment and growth of payments to foreign direct investors.

Read this next

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.

blockdag

Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, USD, May 17 ,2024

Overall, both the Federal Reserve’s policy and the US dollar’s outlook are shrouded in some degree of uncertainty.

Market News, Tech and Fundamental, Technical Analysis

Ethereum Technical Analysis Report 17 May, 2024

Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.

Digital Assets

Hong Kong adopts digital yuan payments through Chinese banks

Hong Kong has launched a pilot program enabling digital yuan payments through major Chinese banks, marking the first instance of China’s digital currency project being deployed outside the mainland.

Retail FX

Saxo Bank increases client assets five-fold to $116 billion

Copenhagen-based broker Saxo Bank has achieved a major milestone, surpassing $116 billion (DKK 800 billion) in client assets.

Inside View

ISDA says US Basel III “endgame” to heighten market risk capital

ISDA further explained that, by requiring banks to hold additional capital that is misaligned with levels of risk, the proposal would significantly reduce capital market access for US end users and businesses, restrict the ability of businesses to hedge exposures to changes in commodity prices, and increase the cost of everyday consumer goods, including food and gasoline.

<