"/>

    British economy in doldrums as Brexit effect, bad weather depress activity

    Source: Xinhua    2018-05-26 03:33:49

    LONDON, May 25 (Xinhua) -- The British economy is now growing at the slowest rate for six years, with revised first quarter figures hit by uncertainty over Brexit and bad weather.

    Figures from the Office of National Statistics (ONS) released on Friday show growth rate at 0.1 percent in the first quarter, down from the 0.4 percent quarter-on-quarter growth seen at the end of 2017.

    While exceptional bad weather was responsible for reduction in activity in some sectors, such as construction and tourism, it was also behind a boost in others, for instance power supply.

    Services output growth slowed to 0.3 percent, particularly hit by a 0.1 percent quarter on quarter contraction in distribution, hotels and catering.

    Friday's data was the first revision of first quarter data, and showed that construction output had slumped by 2.7 percent over the quarter.

    "The construction sector clearly took a substantial hit from the severe weather at the end of February and first half of March, but the weakness in the sector looks to have run deeper as output also fell sharply in January," said Howard Archer, chief economic adviser to economic analysts EY ITEM Club.

    "The extent of the slowdown suggests there was an underlying loss of momentum in economic activity," Archer told Xinhua.

    Growth over the year to the end of March slowed to 1.2 percent, following a declining trend throughout 2018 which has seen annualized growth fall from 2.1 percent in the first quarter of 2017, to 1.8 percent in the third and 1.4 percent in the fourth.

    The manufacturing sector has benefitted from weak sterling, a result of the markets devaluing the pound in the wake of the Brexit referendum vote in June 2016, but the strong stimulus this gave to exports now appears to be waning.

    Manufacturing output growth slowed to 0.2 percent quarter-on-quarter after robust expansion through the second half of 2017.

    "It may be that the boost to the manufacturing sector from a competitive pound and robust global growth has waned," said Archer.

    "The pound has firmed overall and there are signs that economic activity has come off its highs in some overseas markets, notably the eurozone."

    Uncertainties over the Brexit outcome are also weighing on consumers and on businesses, but some resolution of these uncertainties as further exit details are agreed and revealed will give a clearer guidance for decision-makers over the rest of this year.

    "The agreement on a Brexit transition arrangement should be supportive to business investment, although the upside is likely to be limited by ongoing uncertainties over the long-term future trade relationship between Britain and the European Union," said Archer.

    But he warned that there was "also a downside risk" to business investment if ratification of the transition arrangement becomes problematical.

    Lee Hopley, chief economist at EEF, the manufacturers' representative organization, said that "the forces of Brexit uncertainty" as well as indications of weaker consumer spending and weakening growth in export markets meant that it was "hard to see what will spur some renewed momentum in the economy over the next couple of quarters."

    Editor: Yurou
    Related News
    Xinhuanet

    British economy in doldrums as Brexit effect, bad weather depress activity

    Source: Xinhua 2018-05-26 03:33:49

    LONDON, May 25 (Xinhua) -- The British economy is now growing at the slowest rate for six years, with revised first quarter figures hit by uncertainty over Brexit and bad weather.

    Figures from the Office of National Statistics (ONS) released on Friday show growth rate at 0.1 percent in the first quarter, down from the 0.4 percent quarter-on-quarter growth seen at the end of 2017.

    While exceptional bad weather was responsible for reduction in activity in some sectors, such as construction and tourism, it was also behind a boost in others, for instance power supply.

    Services output growth slowed to 0.3 percent, particularly hit by a 0.1 percent quarter on quarter contraction in distribution, hotels and catering.

    Friday's data was the first revision of first quarter data, and showed that construction output had slumped by 2.7 percent over the quarter.

    "The construction sector clearly took a substantial hit from the severe weather at the end of February and first half of March, but the weakness in the sector looks to have run deeper as output also fell sharply in January," said Howard Archer, chief economic adviser to economic analysts EY ITEM Club.

    "The extent of the slowdown suggests there was an underlying loss of momentum in economic activity," Archer told Xinhua.

    Growth over the year to the end of March slowed to 1.2 percent, following a declining trend throughout 2018 which has seen annualized growth fall from 2.1 percent in the first quarter of 2017, to 1.8 percent in the third and 1.4 percent in the fourth.

    The manufacturing sector has benefitted from weak sterling, a result of the markets devaluing the pound in the wake of the Brexit referendum vote in June 2016, but the strong stimulus this gave to exports now appears to be waning.

    Manufacturing output growth slowed to 0.2 percent quarter-on-quarter after robust expansion through the second half of 2017.

    "It may be that the boost to the manufacturing sector from a competitive pound and robust global growth has waned," said Archer.

    "The pound has firmed overall and there are signs that economic activity has come off its highs in some overseas markets, notably the eurozone."

    Uncertainties over the Brexit outcome are also weighing on consumers and on businesses, but some resolution of these uncertainties as further exit details are agreed and revealed will give a clearer guidance for decision-makers over the rest of this year.

    "The agreement on a Brexit transition arrangement should be supportive to business investment, although the upside is likely to be limited by ongoing uncertainties over the long-term future trade relationship between Britain and the European Union," said Archer.

    But he warned that there was "also a downside risk" to business investment if ratification of the transition arrangement becomes problematical.

    Lee Hopley, chief economist at EEF, the manufacturers' representative organization, said that "the forces of Brexit uncertainty" as well as indications of weaker consumer spending and weakening growth in export markets meant that it was "hard to see what will spur some renewed momentum in the economy over the next couple of quarters."

    [Editor: huaxia]
    010020070750000000000000011100001372069641
    主站蜘蛛池模板: 男女一边摸一边脱视频网站 | 高清成人爽a毛片免费网站 | 亚洲狠狠婷婷综合久久蜜芽| 邻居少妇张开腿让我爽了在线观看 | 老鸦窝在线视频2021| 国产精品久久久久久无毒不卡| www.综合色| 日本韩国在线视频| 亚洲成aⅴ人在线观看| 精品国产亚洲一区二区三区在线观看 | 久久国产免费观看精品3| 欧美性猛交XXXX乱大交3| 免费中文字幕在线观看| 草莓视频在线免费播放草莓视频在线免费播放 | 亚洲国产日韩精品| 看**一级**多毛片| 国产三级av在线播放| 日本成人在线看| 国产麻传媒精品国产AV| 一本大道香蕉中文在线高清| 日本成人在线免费| 亚洲av本道一区二区三区四区| 波多野结衣大战黑鬼101| 午夜男女爽爽影院网站| 进击的巨人第一季动漫樱花动漫| 国产精品v欧美精品∨日韩| 999精品视频在线观看热6| 性刺激久久久久久久久| 久久久久亚洲AV成人片| 曰本女同互慰高清在线观看| 亚洲成a人片在线观看中文| 理论亚洲区美一区二区三区| 啦啦啦中文在线观看日本| 韩国三级电影网| 国产无套露脸视频在线观看| 2022国产麻豆剧果冻传媒影视 | 久久综合给合久久狠狠狠97色 | 欧美日韩一区二区三区在线视频| 免费人成年轻人电影| 美国式禁忌3在线观看| 国产丰满麻豆videossexhd|