Saturday, 22 February, 2020

UK economy flatlines, hit by Brexit and global slowdown

General view of the Palace of Westminster in shadow as dark clouds gather over Parliament UK economic growth slowest in nearly seven years
Irene Mckinney | 11 December, 2019, 00:14

The economy also showed no change in monthly terms, the ONS said, weaker than a median forecast of 0.1% growth in the poll.

The hardest-hit sectors were manufacturing and housing construction.

Services, which make up about three quarters of the United Kingdom economy, expanded by 0.2% but manufacturing, construction and agriculture all shrank.

The rolling average of GDP growth during August, September and October was 0.0 percent, as was the October stand-alone figure, according to a report released by the Office for National Statistics - revealing an economy that barely avoided qualifying as a recession in the lead-up to the parliamentary elections.

Commenting on the data, John Hawksworth PwC's chief economist placed the blame on continued Brexit uncertainty which led to a "loss of momentum" in the economy: "Growth seems likely to remain subdued through the rest of 2019, but we would hope for a gradual revival in activity over the course of 2020 if current political and economic uncertainties ease". Output in both the production and construction sectors contracted, by 0.7% and 0.3%, respectively. The ONS also said industrial output fell by 0.7% in the three months to October while Britain's services grew by 0.2%, the weakest increase since June.

Ryan Reynolds' Aviation Gin Company Pokes Fun Of Peloton In New Ad
Even though the original commercial is based on fictional characters, people seem to be happy that she left her husband. America lost its collective mind last week when a Christmas ad for a stationary fitness bike called the Peloton aired .

The lackluster three-month GDP performance followed third quarter growth figures of only 0.3 percent, while year-over-year growth slowed to 0.7 percent in October - the lowest rate of GDP growth since March 2012.

Consensus has envisaged GDP growth of 1.3% for 2019 overall throughout the year, although that now looks to be an ambitious target because the economy would have to grow 0.5% in the final quarter in order to achieve it and Tuesday's numbers mean that's unlikely.

The economy has been buffeted by both domestic and global headwinds in recent months while Tuesday's figures come just days out from the third general election in five years, the outcome of which could leave a mark on the economy for a while to come.

President Donald Trump's trade war with China has badly wounded the global manufacturing sector and driven a broad slowdown in worldwide trade.

Experts blamed Brexit, and said it might push the Bank of England to cut interest rates.

Recommended

Police officer shot during New Jersey hold up Police officer shot during New Jersey hold up The New Jersey State Policemen's Benevolent Association is asking for "lots of prayers" for Jersey City officers. The other officers retreated, and at least one suspect remains barricaded inside the store, police said.

Samsung Galaxy A51 leaked render suggests quad-cameras Further, a 108MP primary sensor with other rear sensors, the Galaxy S11 series is said to be the real modern phone of the future. The current flagship devices, like the Galaxy S10 Plus and Note 10 Plus come with 4100mAh and 4300mAh batteries respectively.

Juice WRLD Allegedly Popped Pills, Had 70 Pounds of Marijuana on Plane Juice WRLD Allegedly Popped Pills, Had 70 Pounds of Marijuana on Plane As the industry mourns the tragic loss of JUICE WRLD , ( NET NEWS 12/8 ), BENZTOWN has created an audio tribute to his memory. Over the weekend 21 year-old artist Juice Wrld passed away after suffering from a seizure upon arrival to Chicago.

Virginia Roberts: "Abusing me was a gift for Prince Andrew" Virginia Roberts: Only time will tell! However, despite all of these controversies, the Queen feels that she is still in control. Charles, Prince William and Princess Anne also carry out energy-draining investitures on her behalf.

Taylor Swift releases holiday song Christmas Tree Farm Taylor Swift releases holiday song Christmas Tree Farm Written less than a week ago, Swift teased the release of the song on social media, asking her cats if she should release it. Taylor Swift has waded into the Christmas music industrial complex before, but it's been a while.

Chiefs at Patriots score Chiefs at Patriots score The Kansas City Chiefs' trip to New England to play the Patriots is not off to a good start. Update (3:03 pm): The Chiefs' gear has now arrived in Foxboro, according to Adam Schefter .

Saudi, Russia win over oil producers to deeper cuts Saudi, Russia win over oil producers to deeper cuts Producers face another year of rising output from the United States along with other non-OPEC producers Brazil and Norway. Under the new deal the size of collective daily production cuts is set to be deepened to 1.7 million barrels.

Jon Favreau knows why people are obsessed with Baby Yoda Jon Favreau knows why people are obsessed with Baby Yoda There's an extremely liquid line between what's in the cinemas and what's on the screen at home. An entire Baby Yoda black market has arisen. [Disney] comprehended its estimation.

Juan Williams: Support from minorities 'wasn't there for Kamala Harris' Juan Williams: Support from minorities 'wasn't there for Kamala Harris' Booker has denounced the dwindling number of candidates of color in the Democratic primary, pointing specifically to Sen. He added, "I will say that the way that the media treated Senator Harris in this campaign has been something else".

Corbyn writes to Trump calling for NHS reassurances ahead of North Atlantic Treaty Organisation summit Corbyn writes to Trump calling for NHS reassurances ahead of North Atlantic Treaty Organisation  summit Channel 4 has been cleared over its use of an ice sculpture to stand in for Mr Johnson during a debate on climate change, regulator Ofcom said.

Argentina to face Chile in 2020 Copa America opener Argentina to face Chile in 2020 Copa America opener Argentina have not won the tournament since 1993 while Colombia have lifted the trophy only once - when they hosted it in 2001. Argentina will open next year's tournament against Chile at El Monumental on 12 June, it was revealed on Tuesday.

New Zealand vs England, second Test New Zealand vs England, second Test He then sent down just two on day one in Hamilton , a spell which left him clutching the joint and grimacing in pain. Latham was on 101 when the rain swept in just three deliveries after the resumption of play from the tea break.

Zelenskiy Denies Reports Of Deal To Investigate Trump's Political Rival Zelenskiy Denies Reports Of Deal To Investigate Trump's Political Rival Zelenskiy also said that he has difficulty digesting Trump's continued claim that Ukraine is corrupt, a label that pre-dates Zelenskiy's time in office.

Ballon d'Or: Lionel Messi wins sixth award Ballon d'Or: Lionel Messi wins sixth award An image circulating on social media is claiming to have "leaked" the results of the 2019 Ballon d'Or. . And I want to work hard and be here again next year".

4,525 Registered People Living With HIV in Meghalaya 4,525 Registered People Living With HIV in Meghalaya Still, this World AIDS Day finds progress stalled by policies and politics that threaten the momentum we have gathered. Open to anyone, the clinic provides life-long care and service to people living with HIV or Hepatitis C.