UK Economy Seems to be Picking up

According to media report, initial estimate reportedly showed UK economy growth picking up from the first quarter of the year when it was only 0.2%.

The Office for National Statistics reportedly said the growth was driven by services, particularly retail and thriving film industry.

Retailers, hotels and restaurants reportedly all had a strong quarter and more than offset falls in output in the manufacturing and construction sectors.

Reportedly film production in the UK, plus box-office receipts from cinemas were the next biggest factor behind the rise.

The modest rise in growth reportedly will add to expectations that the Bank of England will keep interest rates at their current record low next week.

The IMF now expects UK GDP to grow by 1.7% instead of its previous projection of 2%, media report said.

–The AENNS 26/7/2017

About Vallabh Kaviraj 71 Articles
Vallabh Kaviraj, longstanding journalist, founding editor and owner of The AEN, GBF and AENND