Tuesday, August 4, 2020

Warmer weather and World Cup fever buoy up economic growth

The UK economy grew an estimated 0.4% in the second quarter of this year, buoyed by good weather and the World Cup, it seems.

Economists state that industries had robust growth of 0.5% in Quarter 2 (Apr to June) 2018, which contributed 0.42 percentage points to overall gross domestic product (GDP) growth.

Growth of 0.9% in construction also contributed positively to GDP growth, recovering in the most recent period, following three consecutive months of negative rolling three-month growth.

There is some evidence that warm weather also contributed to an increase in construction output.

However, contraction of 0.8% in the production industries contributed negatively to headline GDP growth.

ONS head of national accounts, Rob Kent-Smith, commented: ‘The economy picked up a little in the second quarter with both retail sales and construction helped by the good weather and rebounding from the effects of the snow earlier in the year.

‘However, manufacturing continued to fall back from its high point at the end of last year and underlying growth remained modest by historical standards.

‘The UK’s trade deficit noticeably worsened as exports of cars and planes declined sharply while imports rose.’

 

 

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

PLC’s infrastructure head moves to Nottingham firm planning for growth

Nottingham-based civil and structural engineering consultancy BWB says it is planning for growth after revealing a flagship hire from a major PLC. The former head...

IoD appoints Policy Voice Ambassador for the East Midlands

The IoD has appointed James Pinchbeck as Policy Voice Ambassador for the East Midlands. James is a partner with Streets Chartered Accountants, a mid-tier and...

Portfolio of Northamptonshire industrial properties snapped up in £10.4m deal

A portfolio of five industrial assets in Northamptonshire have been acquired by a £100m multi-let investment fund for a total of £10.4m. Managed by property...

Pride Park offices sold

On behalf of private clients, FHP Property Consultants has sold 12 Mallard Way, Pride Park, Derby. The property comprises a two-storey end terraced office building...

Breedon completes CEMEX acquisition

Breedon, the Leicestershire-based construction materials group, has completed its acquisition of certain assets and operations from CEMEX, as announced in January 2020. The Competition and...

Related news

Contractor appointed to reopen Broadmarsh walkway

Steps are being taken to reopen the Lister Gate walkway which connects Collin Street and Lister Gate through the Broadmarsh Centre in Nottingham. Immediately prior...

PLC’s infrastructure head moves to Nottingham firm planning for growth

Nottingham-based civil and structural engineering consultancy BWB says it is planning for growth after revealing a flagship hire from a major PLC. The former head...

IoD appoints Policy Voice Ambassador for the East Midlands

The IoD has appointed James Pinchbeck as Policy Voice Ambassador for the East Midlands. James is a partner with Streets Chartered Accountants, a mid-tier and...

Portfolio of Northamptonshire industrial properties snapped up in £10.4m deal

A portfolio of five industrial assets in Northamptonshire have been acquired by a £100m multi-let investment fund for a total of £10.4m. Managed by property...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close