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UK Q2 GDP growth doubled in June

Staff Writer |
Britain’s preliminary gross domestic product (GDP) climbed 0.4% on a quarterly basis in Q2 2018, driven by robust retail sales and good weather conditions and in line with market consensus.

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In the prior quarter, the GDP rose 0.2%. Moreover, the nation’s total trade deficit narrowed to £1.9 billion in June, from a revised deficit of £3.1 billion in the previous month. Market participants had expected the deficit to narrow to £2.5 billion.

Other data showed that, UK’s industrial production rebounded 0.4% on a monthly basis in June, recording its first rise in four months and compared to a revised drop of 0.2% in the prior month.

Markets had envisaged industrial production to rise 0.3%. Also, the nation’s manufacturing production advanced 0.4% on a monthly basis in June, higher than market expectations for a rise of 0.3%.

In the prior month, manufacturing production had registered a revised rise of 0.6%. Moreover, construction output unexpectedly rose 1.4% on a monthly basis in June. In the previous month, construction output had risen 2.9%.

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