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Momentum in UK economy fades in three months to July - NIESR
August 10, 2017 / 12:22 PM / 4 months ago

Momentum in UK economy fades in three months to July - NIESR

LONDON (Reuters) - British economic growth has softened again following a modest improvement in the second quarter, the National Institute of Economic and Social Research (NIESR) estimated on Thursday.

Britain’s economy likely expanded 0.2 percent in the three months to July compared with quarterly growth of 0.3 percent in the second quarter.

“The service sector, which was the main driver for economic growth in the second quarter, appears to have slowed,” Amit Kara, head of UK macroeconomic forecasting at NIESR, said.

“We see a modest recovery in the second half of this year in response to strengthening global growth and a weaker currency, but on the flip side, consumer spending is likely to be weighed down by weak wage growth and investment spending held back by Brexit-related uncertainty.”

Earlier on Thursday, official data showed a lacklustre performance for manufacturing and trade in June.

Reporting by Andy Bruce; Editing by William Schomberg

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