|10-25-2014, 06:20 PM||#1|
UK economic growth slowdown amid growing recovery obstacles
The UK’s Office for National Statistics revealed on Friday the preliminary reading of the Gross Domestic Product (GDP), which showed a slower pace of growth during the third quarter amid growing obstacles to recovery in shades of the fragility of euro zone economies.
The GDP preliminary reading showed expansion of the British economy for the last quarter in the 30 of September by 0.7% compared to the growth of 0.9% in the second quarter, while year-on-year reading showed expansion in growth rate of 3.0% compared to 3.2% in line with expectations.
It is worth mentioning that the weakness seen in euro zone economies is reflected negatively on the performance of UK’s economy due to the fact that they represent the largest trading partner of the Royal British economy.
Monetary policy makers at the Bank of England showed their concern regarding the consequences of the weak euro zone economies on the future of the British economy recovery through the meeting minutes this week.
The members maintained the expanded monetary policy amid a vote of two out of nine members to an early raise for interest rates from its low historical levels at 0.5%, and the consensus of members to install the asset purchase program at 375 billion pounds.
At 9:05 GMT, the British pound rose against the dollar to 1.6085 compared with the opening levels of 1.6028. The euro against the sterling pound pair also dropped to 0.7879 when compared with the opening levels of 0.7886.
The service sector including dividends, restaurants and hotels, growth expanded by 0.5% compared to 1% growth during the second quarter, as the business and financial services growth slowed 1% against 1.5% in the past three months on June 30.
On the other hand, UK economy also released index of services for August which showed stability at zero levels amending the previous reading for July to 0.2% growth against 0.3% below analysts’ expectations, which pointed to the stability and pace of growth at the same previous rate.
The index for services for the three previous months was released showing a 0.8% slower pace of growth against 1.0% in the previous reading for July, which came 0.9% below analysts’ forecasts.
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