Caspian Energy Journal Caspian European Club
Tuesday, 12 March 2019 15:00

UK economy rebounds despite Brexit uncertainty

UK economy rebounds despite Brexit uncertainty

The British economy staged an unexpected fightback in January as manufacturing and retail sales growth recovered from a weaker end to last year, despite mounting uncertainty over Brexit.

The Office for National Statistics said that monthly GDP growth jumped to 0.5% in January, the biggest rise since December 2016, reversing a drop of 0.4% in the final month of last year. City economists had forecast a growth rate of 0.2% on the month, although several analysts said the unexpected shot in the arm in January – arriving just ahead of the chancellor’s spring statement on Wednesday – would likely lead to stronger growth over the first quarter.

The main drivers of the UK economy – services, production, manufacturing and construction – all made a positive contributions to monthly growth, following a weaker end to 2018.

Consumer spending growth helped the services sector – which accounts for about 80% of the economy – to grow by 0.3% in January after a fall of 0.2% in December, while the construction sector reversed a fall of 2.8% to grow by the same amount last month. Manufacturing output rose by 0.8% following a drop of 0.7% in December.

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Person in charge of the newsline: Olga Nagiyeva 

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