country flagالعربية
0

High GDP on a monthly basis in May

2018-07-10 02:44 pm | Resource: NEWS | No Views : 65



British economic growth gained momentum in May, after it stopped earlier this year, adding fuel to expectations that the Bank of England will raise interest rates in August.

Gross domestic product rose 0.3 percent on a monthly basis in May after a 0.2 percent increase in April and a steady reading in March, the first monthly estimate from the National Bureau of Statistics on Tuesday.

Services have largely led to monthly growth as retailers enjoyed a combination of warm weather and a royal wedding. In May, services grew by 0.3 percent.

The most reliable comparison for 3 months, GDP rose by 0.2 percent in the quarter to May after steady results in the three months to April.

"Our first new GDP estimate shows a mixed picture of the UK economy with modest growth driven by the services sector, offset in part by the decline in construction and industrial production," said Rob Kent Smith, head of national accounts at the National Bureau of Statistics. .

"Retail performance, computer programming and legal services all performed strongly in the three months to May, while contracting both home construction and manufacturing."

Construction has seen a return to growth after two weeks of weakness, said Andrew Wesart, an economist at Capital Economics. The economy may outperform the BoE's forecast, given the strong purchasing managers in June.

"Assuming that political developments do not cause economic expectations to deteriorate, we still expect the MPC to raise interest rates next month," he said.

Separate figures from the National Bureau of Statistics showed on Tuesday that industrial production fell for the third consecutive month in May, defying economists' expectations for an increase.

Industrial production fell 0.4 percent on a month-on-month basis in May, below the 1.0 percent decline in April. Economists, on the other hand, forecast a 0.5 percent increase.

Industrial production rose 0.4 percent in May, after falling for three months. However, growth was lower than expected 0.8 percent.

Another report from the statistical office showed that construction production rebounded strongly by 2.9 per cent per month in May against an expected 0.3 per cent rise.

Compared to last year, construction production rose 1.6 percent in May, in contrast to a 1.2 percent fall in April.


Other analysis

USD/JPY Technical analysis 21 September 2018

Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term USD /JPY still faces resistance and selling pressure around levels of  112.62   In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of indicators to the overbought area Therefore, we expect that the USDJPY will fall to levels of  112.09 - 111.74   The…

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any doubts.TradingPekk.com does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.