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Industry News

Published on July 26th, 2017 | by The GC Team

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UK growth supported by stronger retail performance

The UK economy showed a slight rise of 0.3% in the three months to June, said the Office for National Statistics (ONS). Along with the film industry, which had a period of higher activity in the quarter, it was retail spending which was largely responsible for keeping the growth figure in positive territory.

Darren Morgan, ONS head of national accounts, said: “While services such as retail, and film production and distribution showed some improvement in the second quarter, a weaker performance from construction and manufacturing pulled down overall growth. The economy has experienced a notable slowdown in the first half of this year.”

Analysts are blaming uncertainty brought about by the Brexit negotiations for the lack of positive activity in areas such as manufacturing and construction, and warned that, with inflation rising and the value of wages falling, retail spending is being fuelled by consumer borrowing.

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