UK GDP grew just 1.8% in May as services remained weak
On July 14, 2020 by Thomas BelaynehGrowing just 1.8% on April, below consensus expectations for 5%, meant GDP in the three months to May remained a seismic 19.1% below the same three-month period last year. Services grew a meagre 0.9%, while industrial and construction output increased 6% and 8.2%, respectively. Services As lockdown restrictions were still largely in force throughout May,
UK services PMI rises but activity remains in contraction
On July 3, 2020 by Thomas BelaynehFigures released this morning from IHS Markit’s UK Services PMI showed that whilst this month’s report posted a significantly higher reading than May’s report of 29, it remained below the no-change in activity threshold of 50. This latest release is the highest that the UK Services PMI has been in four months at 47.1, although
UK GDP falls as data shows household consumption weakest since 1979
On June 30, 2020 by Thomas BelaynehThe Office for National Statistics (ONS) released Q1 GDP figures for the UK this morning showing a 2.2% decline on the prior quarter and 1.7% on the prior year, as coronavirus began to wreak havoc on the economy. The UK’s current account balance missed consensus expectations for -£15bn instead coming in at -£21.1bn. The decline