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Consumer Spending Growth Rate Elevated United Kingdom



Forex News Trading - The consumer and business sectors in the United Kingdom showed no signs of trimming spending levels ahead of the voting Brexit in the month of June, according to government data Friday, adding to signal that the economy is in robust condition ahead of the referendum.

Community adds to the level of their shopping at most since before the financial crisis in the second quarter, according to the Office for National Statistics.
The data also showed the level of investment by the business sector rose in the second quarter which was already approaching the referendum period Brexit.

Gross domestic product grew amounting to 0.4% in the second quarter and up 4.2% compared to the same period last year, according to previous data release and estimation of economists.

A number of recent data signals that the economy has not slowed down sharply in the United Kingdom post voting Brexit, thanks to the consumer level still high.

But the pace of growth in the second quarter is estimated to have reached a peak when compared to some of the upcoming quarter, given the United Kingdom economy is likely to slow down sharply, or even falling into recession as a result of voting Brexit, according to economists.


This post first appeared on Forex Today, please read the originial post: here

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Consumer Spending Growth Rate Elevated United Kingdom

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