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UK DIY News

GDP Increased by 0.1% in October

Economy growth 725 x 500

The ONS has reported on GDP for the month of October 2018.

UK gross domestic product (GDP) grew by 0.4% in the three months to October 2018

GDP growth was driven mainly by the services sector, though the production and construction sectors were also positive contributors

Rolling three-month growth continued to slow slightly after a strong summer

GDP growth was 0.1% in October 2018

Services sector rolling three-month growth in October 2018 was driven by accounting and computer programming

Rolling three-month growth was flat in the manufacturing industries

Construction growth fell back slightly from the high growth in July 2018

CEO and Business Growth Expert at Yomdel, Andy Soloman, commented:

“Despite a slight uplift in monthly GDP growth, economic momentum remains flat on an annual basis which is hardly surprising given the current Brexit bungling from our politicians. 

That said, while our current political limbo is far from ideal we remain quite some way away from the ‘inevitable’ recession that some are predicting. 

Post-Brexit, we should see the coiled spring of consumer anticipation unleashed as a degree of confidence returns to the market, benefitting UK business when it does. Until then, a forecast for further political turbulence could cause more problems.”

Source : Insight DIY and ONS

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10 December 2018

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Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

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Martin Elliott. Chief Executive - Home Hardware.
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