The latest figures on GDP performance show a 1% year on year increase against a forecast of 1.1% and a quarterly increase of 0.3% against a forecast of 0.4%, although business investment is much better than forecast.
The figures show the weakest yearly growth since 2010
The Office for National Statistics (ONS) said the 0.3% growth for the latest quarter signalled the economy “slowing” as UK GDP had grown at 1% for the same period in 2018.
Adding”
“Manufacturing failed to grow as falls in most industries were offset by car production bouncing back following April shutdowns.”The underlying trade deficit narrowed, mainly due to growing exports of both goods and services.”
The pound strengthened against the dollar and euro on Monday as official figures showed UK economy had avoided slipping into recession.
