UK GDP
The UK GDP report drew investor interest this morning. Downward revisions to the UK GDP numbers would fuel fears of a deep and prolonged UK economic recession.
The UK economy grew by 0.2% in the second quarter, consistent with the preliminary estimate of 0.2%. In the first quarter, the economy expanded by 0.3%. Year-over-year, the economy grew by 0.6%, up from a prelim 0.4% and 0.2% growth in the first quarter.
According to the Office for National Statistics,
- A 1.2% increase in production contributed to the pickup in economic activity.
- However, the household saving ratio jumped by 9.1% compared with a 7.1% increase in the first quarter. Social benefits, with rising salaries and wages, supported the uptick.
- As a result, household…
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