LONDON (AFP) - Britain’s economy grew by 0.5 percent in the first quarter, boosted by companies stockpiling ahead of Brexit, official data showed yesterday.
Gross domestic product expansion outpaced the 0.2 percent seen in the final three months of 2018, the Office for National Statistics said in a statement, adding that manufacturing jumped 2.2 percent with recent surveys showing Brexit-facing companies building inventories.
The growth figure was in line with market expectations. The strong manufacturing performance offset a slowdown in services sector output to 0.3 percent, the ONS
The Bank of England last week raised its forecast for UK economic growth this year, as stockpiling offsets lower business investment elsewhere ahead of Britain’s departure from the European Union.
Economic activity was given a temporary boost as companies rushed to build up stocks of components and goods before the original March 29 Brexit deadline, the BoE said.
The central bank predicts GDP expansion of 1.5 percent this year, up from its previous growth estimate of 1.2 percent.
Following Friday’s data, the pound was little changed as first-quarter output of 0.5 percent had been widely forecast following the recent BoE update, analysts said.
Britain is due to leave the EU by October 31 after two delays this year triggered by MPs rejecting a divorce deal Prime Minister Theresa May had struck with the bloc.
The Bank of England meanwhile sees the boost to growth from stockpiling as only temporary, forecasting that GDP would slow to about 0.2 percent output in the second quarter of this year.
Add commentComments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
With the increase in egg prices the government decided to import eggs to regu
In order to critically discuss a movement, we must first understand its etymo
Many battles were fought during the long war between the Sri Lankan armed for
When can one say they’ve had enough of being in a state of ‘wokeness’ a
29 Mar 2023
29 Mar 2023
29 Mar 2023
4 hours ago - 0 - 426
28 Mar 2023 - 7 - 947
24 Mar 2023 - 1 - 1370
23 Mar 2023 - 1 - 3680
Name - Reply Comment