UK economy set for another quarter of growth as ‘big picture’ shows resilience
But he added: “There could still be a boost to activity in July, given the scorching weather and England reaching the semi-finals.” Mr Pugh has a slightly more…
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Summary
But he added: “There could still be a boost to activity in July, given the scorching weather and England reaching the semi-finals.” Mr Pugh has a slightly more positive outlook for June, forecasting monthly GDP to have risen by 0.1%. “All told, we expect GDP to nudge up in June, helped by a big jump in erratic mining activity,” he said. “That will be enough to deliver 0.4% growth for Q2 (the second quarter), as strong momentum from Q1 (the first quarter) and consumers smoothing through higher inflation helped to support solid growth.” A quarterly increase in GDP will likely be good news for new Prime Minister Andy Burnham , who has said he wants to achieve “growth in every postcode” of the UK. Mr Wood is expecting monthly GDP to dip by 0.1% in June, “reversing the 0.1% gain in May, as a sharp fall in construction activity drags on growth, while services and industrial production stagnate”. Some economists think gross domestic product (GDP) will have increased 0.4% for the second quarter, between April and June.
Furthermore, England reaching the World Cup semi-finals is expected to have helped boost spending in July (Bradley Collyer/PA) PA Wire Thomas Pugh, chief economist for RSM UK, said he was expecting the services industry to have been dragged down by a fall in hospitality activity, despite the Fifa World Cup kicking off in June. Figures from the Office for National Statistics published on Thursday are set to show a degree of resilience in the economy in the face of supply chain issues and price pressures linked to the conflict, as well as a period of political uncertainty. Furthermore, recent data has pointed to factories and manufacturing firms stockpiling in anticipation of supply shortages and price rises, which has helped keep growth elevated.
In addition, The UK economy is expected to have recorded another quarter of growth as businesses find ways to cope with the fallout of the Iran war, but some industries are coming under increasing pressure, economists think. Rob Wood, chief UK economist for Pantheon Macroeconomics, said this would show “the big picture is that the economy has remained resilient to the hit from the war in Iran”.
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But he added: “There could still be a boost to activity in July, given the scorching weather and England reaching the semi-finals.” Mr Pugh has a slightly more positive outlook for June, forecasting monthly GDP to have risen by 0.1%. “All told, we expect GDP to nudge up in June, helped by a big jump in erratic mining activity,” he said. “That will be enough to deliver 0.4% growth for Q2 (the second quarter), as strong momentum from Q1 (the first quarter) and consumers smoothing through higher inflation helped to support solid growth.” A quarterly increase in GDP will likely be good news for new Prime Minister Andy Burnham , who has said he wants to achieve “growth in every postcode” of the UK.
reliability low1/2 sourcesMr Wood is expecting monthly GDP to dip by 0.1% in June, “reversing the 0.1% gain in May, as a sharp fall in construction activity drags on growth, while services and industrial production stagnate”.
reliability low1/2 sourcesSome economists think gross domestic product (GDP) will have increased 0.4% for the second quarter, between April and June.
reliability low1/2 sourcesEngland reaching the World Cup semi-finals is expected to have helped boost spending in July (Bradley Collyer/PA) PA Wire Thomas Pugh, chief economist for RSM UK, said he was expecting the services industry to have been dragged down by a fall in hospitality activity, despite the Fifa World Cup kicking off in June.
reliability low1/2 sourcesFigures from the Office for National Statistics published on Thursday are set to show a degree of resilience in the economy in the face of supply chain issues and price pressures linked to the conflict, as well as a period of political uncertainty.
reliability low1/2 sourcesFurthermore, recent data has pointed to factories and manufacturing firms stockpiling in anticipation of supply shortages and price rises, which has helped keep growth elevated.
reliability low1/2 sourcesThe UK economy is expected to have recorded another quarter of growth as businesses find ways to cope with the fallout of the Iran war, but some industries are coming under increasing pressure, economists think.
reliability low1/2 sourcesRob Wood, chief UK economist for Pantheon Macroeconomics, said this would show “the big picture is that the economy has remained resilient to the hit from the war in Iran”.
reliability low1/2 sources
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