Ultimate magazine theme for WordPress.

UK Economy Grows 0.2 Percent In Nov-Jan 2018-19, But Remains Subdued Overall

309

LAHORE MIRROR (Monitoring Desk)– The United Kingdom’s economy expanded by 0.2 percent in the three months to January this year, matching the growth of the previous three months of corresponding year.

The report from the Office for National Statistics (ONS) showed a pick-up in activity in January 2019 when the economy expanded by 0.5 percent.

The ONS said strength in IT, health services and wholesale trading offset falls in the manufacturing of metals and cars, and construction repair work.

The increase in wholesale could indicate stockpiling ahead of Brexit.

The total output of goods and services in the UK, or gross domestic product (GDP), grew by 0.2% in the three months to the end of January.

The services sector, which accounts for about 80% of the private sector economy, grew by 0.5% on a rolling three-month basis, mainly driven by wholesale and retail trade.

Rob Kent-Smith of the ONS said growth across the latest three months had “remained weak” with falls in the output of metal products, cars and construction repair work all dampening economic growth. However, he added that was offset by strong performances in wholesale, IT and health services.

In January the economy staged a bit of a comeback, growing by 0.5%

The services sector, which accounts for about 80% of the private sector economy, grew by 0.3% in January after a 0.2% fall in December.

Construction, which accounts for about 6% of the economy, reversed December’s fall to grow by 2.8% in January.

Contrary to contraction in December 2018, production and manufacturing output also both expanded in January this year.

SOURCE: BBC NEWS