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MoneyRecession fears ease as UK economy grows faster than expected

12:41  09 september  2019
12:41  09 september  2019 Source:   uk.finance.yahoo.com

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Fears of a UK recession are easing , as new data released on Monday shows better than expected economic growth in July. The UK economy grew by 0.3% between June and July, according to the Office of National Statistics (ONS). Economists had forecast month-on-month growth of just 0.1%, up

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Fears of a UK recession are easing, as new data released on Monday shows better than expected economic growth in July.

The UK economy grew by 0.3% between June and July, according to the Office of National Statistics (ONS). Economists had forecast month-on-month growth of just 0.1%, up from 0% in the prior month.

The data suggests the UK could be on track to escape a recession. A recession is defined as two consecutive quarters of recession. The UK economy shrank by 0.2% in the second quarter of the year and July marks the start of the third quarter.

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The chances of a UK recession have eased after the economy grew more than expected in July as the dominant services sector appeared to intensify Brexit preparations. Output grew 0.3 per cent in July compared with the previous month, according to data from the Office for National Statistics.

Australia's economy grew at a better- than - expected 0.9% in the first quarter of 2015, compared to the previous quarter, boosted by mining together with financial and "The March quarter GDP [gross domestic product] growth was far better than feared just a few days ago," said Mr Oliver, who is chief

Ahead of the data release, Sam Tombs, the chief UK economist at Pantheon Macroeconomics, said he was “confident that a technical recession will be avoided” if the data delivered growth of just 0.1%.

The ONS published the monthly estimate of GDP growth alongside data on the UK’s manufacturing and industrial sector, which also beat forecasts.

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Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected
Recession fears ease as UK economy grows faster than expected

Industrial production grew by 0.1% month-on-month in July, against a forecast of 0.1% decline. Manufacturing production grew by 0.3% month-on-month in July, against a forecast of a month-on-month fall of 0.1%.

Tombs predicted data for August would show a further uptick in industrial and manufacturing activity.

“GDP should surge in August, when car plants did not down tools as usual for annual maintenance, because producers had shifted their shutdowns to April to minimise the potential costs of a no-deal Brexit after the original deadline,” Tombs wrote.

“In addition, manufacturers likely will rebuild inventories towards the end of Q3, despite the Brexit extension bill, as orders likely were placed several weeks in advance.”

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